Knakal and Palmese of Massey Knakal complete $4.2 million sale of development site at 401 State St.

Massey Knakal has sold a development site at 401 State St. The building is located between Bond and Nevins Sts. in Boerum Hill. The building was sold in a transaction valued at $4.2 million. The subject property is a four-story building with 18,000 s/f. Currently configured as an office space, the building is located in a R6B zone, which presents the opportunity for a development/conversion to residential apartments in the heart of Boerum Hill. It is located four blocks away from the new Barclays Center and Atlantic Terminal, granting easy access to the B,Q,2,3,4,5, subway lines and the LIRR, as well as just a block away from the A,C, and G subways lines at Hoyt-Schermerhorn. "The Brooklyn market is on fire these days and properties like this in Boerum Hill are no exception," said Massey Knakal chairman Bob Knakal, who exclusively handled this transaction with Stephen Palmese.