John Train Acquires Development Site In Williamsburg For $6M

59 Jackson Street, located in Williamsburg, has been sold for $6,000,000. The property is a development site with a lot size of 50 ft x 100 ft. The sale included an existing 5,000 SF warehouse on the site. The buyer, John Train, purchased the property from the seller, Manha Pass. Jonathan Ben Ami represented the buyer in the transaction.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $6,000,000
• Address: 59 Jackson Street
• Market: Williamsburg

The seller was represented by Charles Alwakeel from RedFlux Architecture, who worked with the buyer's representative, Jonathan Ben Ami, during the transaction. The sale was facilitated by Horne Advisors from Compass.

The unique aspect of this property is the complicated zoning overlays, which include M1-2/R6, MX-8 in an IH zone, and approximately 75% of the back part of the lot being within 100' of a wide street. To navigate these complexities, Nathan Horne from Horne Advisors collaborated with Charles Alwakeel from RedFlux Architecture, a renowned zoning architect in NYC. Their expertise helped in determining the development potential of the site by considering parking requirements, height restrictions, and general zoning analytics.

The existing zoning allowed for a residential Floor Area Ratio (FAR) of 16,531 as of right. However, the buyer also obtained Inclusionary Housing Certificates from a third party, which lowered the basis and attracted multiple developer offers. Ultimately, the purchaser, who intends to keep the existing warehouse and build a primary residence above, was an end-user who appreciates the neighborhood.

For more information about the development potential, Inclusionary Housing Certificates, or property valuation, interested parties can reach out to Nathan Horne at [email protected]. Charles, the zoning expert, can be contacted at [email protected].

The @Horne.Team congratulates the successful closing of 59 Jackson Street and wishes everyone a happy and prosperous 2022.