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Deals & Dealmakers

Marcus & Millichap Arranges the Sale of 0.14 Acres in Brooklyn for $22.5 Million

 Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 150 Lawrence St., a 19,437-square-foot mixed-use building on a 64.08-foot by 100 foot-lot with 71,990-square feet of air rights in Brooklyn, New York. 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 with Marcus & Millichap in Brooklyn. “Within 100 feet of the property at 47-56 Willoughby St., permits have been filled for a 38-story, 376-foot high-rise that will yield 223,470 square feet, including 290 units of residential and 4,506 square feet 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 Street-MetroTech and Hoyt Street subway stations are one block away and the Borough Hall/Court Street station is three blocks from the property, which places it 10 minutes from Wall Street. Over 11,000 pedestrians pass through Jay and Fulton streets area daily. The Manhattan Athletic Club, Brooklyn Borough Hall and Long Island University, Brooklyn are nearby.

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