-- Property with 13,438 buildable square feet at 21 Powers Street trades for $5.75 million–
Eastern Consolidated has arranged the sale of a development site with 13,438 buildable square feet at 21 Powers Street in the Williamsburg section of Brooklyn. The property traded for $5.75 million, or $428 per square foot, in an off market transaction.
Eastern Consolidated Directors Scott Burk and Jacob Tzfanya represented the seller, 21 Powers LLC, and Eastern Consolidated Director Chad Sinsheimer represented the buyer, Powers 21 LLC.
“This was a particularly desirable development site because it offers 68 feet of frontage on Powers Street, and was sold with approved plans for a new residential development,” Burk said.
Sinsheimer continued, “The property also was attractive because it is ideally located between Union Avenue and Lorimer Street in the heart of Williamsburg, steps from a number of new residential developments, and a short distance from the Brooklyn Queens Expressway and the G and L trains.”
Tzfanya added, “We sold 21 Powers Street with a one-story warehouse on it, the only commercial building on the charming, quiet tree-lined residential block. So transforming the site from commercial to residential use will greatly benefit the community.”
Eastern Consolidated
Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.
