Investment Property Realty Group closes $2.9 million sale of 42 Richardson St.

Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 42 Richardson St., a development site located in the Williamsburg section of the borough, for $2.9 million to the Potrapeluk family.

After a decade-long relationship with IPRG and seeing the team’s sale of several similar properties on the same block, the firm was exclusively retained to market the two-story townhouse near McCarren Park. Zoned M1-2/R6B/MX8, the property offers approximately 5,000 buildable s/f for development potential. Strong buyer demand generated multiple offers, driving the sale price to 3% above expectations, a price record in the area of $580 per buildable s/f.

The transaction was negotiated by Derek Bestreich, Luke Sproviero, Adam Lobel, Donal Flaherty, Corey Haynes, Thomas Ventura and Sal Monteverde who represented both the seller and the buyer.