Today’s news:

Checking in on DeGraw

Pictured is a 50’ x 100’ development site at 611 DeGraw Street in the Park Slope section of Brooklyn that was recently sold by Massey Knakal Realty Services in an all-cash transaction valued at $1,400,000. The lot is located on the north side of DeGraw Street between 3rd and 4th avenues near the Brooklyn-Battery Tunnel and several 4th Avenue residential developments. It contains approximately 10,000 buildable square feet. The property sold for $140 per buildable square foot to a New Jersey developer. “The hotel boom continues in the outer boroughs,” said Massey Knakal Broker Kenneth Freeman, who exclusively represented the seller. “The all-cash price represented a premium over what manufacturing owners-users would pay for a similar sized site because the developer is capable of taking advantage of the available air rights.” Massey Knakal Realty Services was the sole broker in this transaction.

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