Massey Knakal sells warehouse for $23m.
Massey Knakal Realty Services has sold an elevatored warehouse building with residential loft and/or retail potential at 220 Water Street in the Dumbo/Vinegar Hill section of Brooklyn in an all-cash transaction valued at $23,500,000.The 220' x 200' irregular building is located in the heart of Dumbo/Vinegar Hill between Jay and Bridge Streets. The five-story property is located in an M-1-2 zone and contains approximately 185,000 square feet. It includes high ceilings, a basement, mechanical space and an internal courtyard with large interior windows on every floor. The property was delivered vacant and sold for $127.03 per square foot.
"This is a landmark deal in Brooklyn and just another sign that the housing market remains extremely strong," said Massey Knakal Partner Brian Leary, who exclusively represented the seller with Founding Partner Paul Massey.
The property was purchased by a Westchester developer. Massey Knakal Realty Services represented the seller while Kalmon Dolgin R.E. represented the purchaser in this transaction.
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| Title Annotation: | Massey Knakal Realty Services Inc. |
|---|---|
| Publication: | Real Estate Weekly |
| Article Type: | Brief Article |
| Geographic Code: | 1USA |
| Date: | Apr 27, 2005 |
| Words: | 166 |
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