(Read more on the multifamily market.)
BROOKLYN, NY-An outstanding residential development site with potential for conversion at 20 Henry St. in the Brooklyn Heights section of Brooklyn has been sold in an all-cash transaction valued at $19.6 million. A source close to the deal tells GlobeSt.com that the sellers were Broadway Management and the Praedium Group. The buyer was Urban Realty Partners.
The seven-story vacant loft building is located in the Landmark Historic District of Brooklyn Heights, with close proximity to the Brooklyn Bridge Park and Dumbo. It contains approximately 45,990 sf.
Landmark approval has been obtained to add a four-story, 14,500-sf residential apartment building on the vacant land adjacent to the existing building. The source tells GlobeSt.com that the building was vacant and ready for conversion at the time of sell.
The blockfront property offers 201 feet of frontage on Henry Street, with approximately 62 feet of frontage on Popular Street and 65 feet of frontage on Middagh Street. More than 20 offers were received. Massey Knakal Realty Services was the sole broker in the transaction.
Urban Realty Partners recently completed the Arches in Cobble Hill, a conversion from a church to residential condominiums. “The strength of Brooklyn residential market continues to command big numbers,” notes Massey Knakal managing director and partner Brian Leary, who exclusively represented Broadway Management and Praedium, along with Massey Knakal chairman Robert Knakal. “There was tremendous interest in the property. It's a unique loft building delivered vacant for conversion.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
