The Broad and Boerum Building at 525 Broadway, located on the northeast corner of Boerum Street and Broadway in Brooklyn’s Williamsburg neighborhood, was sold in an all-cash transaction valued at $32,800,000.
Formerly a branch of Lincoln Savings Bank, the property consists of an approximately 60,300 square foot office building with an additional 13,000 square feet of parking. The property holds approximately 189,150 buildable square feet and the sale price equates to approximately $173 per buildable square foot.
The property is located one block from the Broadway Avenue G train station and is on the same block as the Lorimer Street J and M train station.
“This site offers exciting scale and density of office, retail and residential potential, with the ability to truly transform the block,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively represented the seller in this transactionwith Brendan Maddigan. “This area is becoming a new hub for development in Williamsburg,” added Maddigan.