TerraCRG sells $1.8 million development site in East Williamsburg

Brooklyn, NY TerraCRG has closed on the $1.765 million sale of a 2,500 s/f development site located at 366 Leonard St. in East Williamsburg. Dan Marks, Daniel Lebor, and Andrew Manasia represented both the seller, Leonard Villa LLC, and buyer, 366 Leonard St LLC, in the transaction.

“We received a number of offers from active developers on this property, which speaks to the continued demand for residential opportunities in this neighborhood – and the strength of the market overall,” said Daniel Lebor, partner at TerraCRG. “Our expertise helped facilitate a quick and efficient sale for both buyer and seller.”

The property, which currently includes a 1,300 s/f two-family building, was delivered vacant with approved demolition plans for a new building. The site is zoned M1-2/R6, MX-8, which calls for 6,750 buildable s/f as-of-right or 9,000 buildable s/f with the City’s voluntary inclusionary housing bonus.