David Halberstam Of Bruklyn Builders Acquires Development Site In Williamsburg For $15.6M

The property involved in this transaction is a development site located at 60 North 1st Street in Williamsburg, Brooklyn. The sale price reached $15,600,000, with a lot size of 9,830 square feet and an as-of-right zoning floor area of 29,490 square feet, which can be increased to 38,337 square feet with UAP. The price per zoning square foot is $529, or $407 when considering the additional area granted by UAP.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $15,600,000
• Lot Size: 9,830
• Zoning Square Feet (As-of-Right): 29,490
• Zoning Square Feet (with UAP): 38,337
• Price per Zoning Square Foot: $529 ($407 with UAP)
• Buyer: David Halberstam - Bruklyn Builders
• Broker: Andrew Manasia
• Financing: $13.3M acquisition loan at 85% LTV by S3 Capital

Andrew Manasia represented the transaction, facilitating the arrangement of this development opportunity through a competitive off-market process. The intended project will provide 56 rental apartments along with ground floor retail space and 12 parking spaces spread across 9 stories. The development is designed to incorporate amenities such as a coworking lounge, fitness center, and spa, catering to modern renter expectations. Congratulations to both the seller and buyer on the successful closing.