Koshkerman, Gelbstein and Landau of GFI Realty broker $5.5 million sale of 5,000 s/f development site

Brooklyn, NY GFI Realty Services, LLC has completed the $5.5 million sale of  310-312 Graham Ave., a 5,000 s/f development site located in the East Williamsburg section. The site is located on the northeast corner of Graham Ave. and Ainslie St. and has a maximum buildable of  approximately 16,700 s/f including 1,700 s/f of air rights acquired from the adjacent parcel.   There are approved plans in place to construct a seven story mixed-use building with 23 apartments, parking and a commercial unit. There is currently a two-story mixed-use building on the site which was delivered vacant to the buyers. Max Koshkerman, an associate of GFI Realty Services, represented the seller.  Moshe Gelbstein and Joseph Landau, both associate directors of GFI represented the buyers.  Both the buyers and the seller are local investors. “The interest in East Williamsburg among developers continues to be on the rise,” Gelbstein said. “The buyers saw this as a prime opportunity to be a part of this burgeoning submarket.” “The owner was able to acquire 1,700 s/f of additional air rights from the adjacent building allowing for a larger footprint,” Landau said. “In addition, the property once completed, will have windows on all sides making it highly desirable to potential residents.” The property is located  just one block from the L train and in close proximity to the Brooklyn Queens Expressway.