Marcus & Millichap has announced the sale of a development site in East Williamsburg, according to John Krueger, Regional Manager and Vice President of the firm’s Manhattan Office. The site is located at 118 Hope Street, and 428 and 426 Rodney Streets in Williamsburg, Brooklyn. The assets sold for a combined $33,100,000.
The transaction was brokered on both sides by Said Boukhalfa and Jonathan Codorniu of Marcus & Millichap’s Manhattan office. The sellers for the Rodney sites are private owner-users and the seller for 118 Hope is Heatherwood, a developer with over 60 years of development experience in the region. The buyer, Cheskie Weisz, is a local developer.
According to Boukhalfa, the transaction is indicative of changing trends within the Williamsburg real state market, “Historically, the site was improved with a mixed-use property comprised of industrial manufacturing and residential uses. This transaction signifies a shift from industrial space to higher density residential housing, specifically from workforce housing to luxury rental housing.”
The properties will be developed to include 100 luxury and affordable rental units in Williamsburg.