Double U Realty Acquires Development Site On Wythe Avenue In Williamsburg For $20M

Double U Realty has purchased a development site located at 83 Wythe Avenue in Williamsburg, Brooklyn. The property, situated on the corner of North 11th Street and Wythe Avenue, spans 150’ x 157’. The sale price for the commercial development site was $20,000,000, with a price per buildable square foot (PPBSF) of $363. The vacant lot measures 22,363 square feet and has a zoning designation of M1-2, allowing for an as-of-right floor area ratio (FAR) of 2.0 or 44,726 buildable square feet (BSF). Additionally, an additional 10,300 BSF of air rights were transferred from the neighboring property, resulting in a total of 55,026 buildable square feet for the site. The transaction was facilitated by B6 Real Estate Advisors.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $20,000,000
• Address: 83 Wythe Avenue, Williamsburg
• Market: Williamsburg
• Buyer: Double U Realty
• Seller: Cayuga Capital Management
• Brokers: Paul Massey, DJ Johnston, Bryan Kirk, Robert Moore & Christian Kane - B6 Real Estate Advisors
• BSF: 55,026
• PPBSF: $363

B6 Real Estate Advisors successfully marketed the adjacent 35,000 square foot retail building as part of a package along with the development site at 83 Wythe Avenue. However, through extensive marketing and price discovery, it was determined that separating the properties into two offerings would maximize value for the seller. Therefore, the development site and the cash flowing retail and office building at 87 Wythe Avenue were sold separately. The seller may benefit from a higher proceeds amount of 5-10% as a result of this strategy adjustment. For more information about the 83 Wythe Avenue sale or the active listing at 87 Wythe Avenue, interested parties can contact Bryan Kirk at [email protected] or 646-933-2624.