Riney, Salvatico, and Ferman of Marcus & Millichap arrange sale of 150 Lawrence St. for $22.5 million

Brooklyn, NY Marcus & Millichap brokered the sale of 150 Lawrence St., a 19,437 s/f mixed-use building on a 64.08 ft. by 100 ft. lot with 71,990 s/f of air rights. The asset sold for $22.5 million.

“Located in an opportunity zone, the property has special district C6 - 4.5 DB zoning, which permits a wide range of uses, including towers,” said Shaun Riney of Marcus & Millichap. “Within 100 feet of the property at 47-56 Willoughby St., permits have been filed for a 38-story, 376-foot high-rise that will yield 223,470 s/f, including 290 units of residential and 4,506 s/f of commercial.” 

Riney and Marcus & Millichap’s Michael Salvatico and Robbie Ferman had the exclusive listing to market 150 Lawrence St. on behalf of the seller, The Kao Family, and procured the buyer, Solomon Schwimmer.

The property is one block from Fulton Mall, New York City’s third-largest commercial center. The Jay St.-MetroTech and Hoyt St. subway stations are one block away and the Borough Hall/Court St. station is three blocks from the property, which places it 10 minutes from Wall St. Over 11,000 pedestrians pass through Jay and Fulton Sts. area daily. The Manhattan Athletic Club, Brooklyn Borough Hall and Long Island University, Brooklyn are nearby.