Brooklyn MF Parcel Fetches $54M

NEW YORK CITY-A stalled full-block development site in Brooklyn’s Williamsburg neighborhood has traded for $54 million, one of the largest outer-borough parcel sales this year, according to Massey Knakal Realty Services, which arranged the deal. Robert Knakal, chairman of Massey Knakal, tells GlobeSt.com the buyer was XIN Development Group International, making its first US acquisition in what’s reportedly the first outer-borough deal of its kind by a foreign firm.

The 2.19-acre parcel at 421 Kent Ave. is bounded by South 8th and South 9th streets and Kent and Wythe avenues in Williamsburg, and can support 216 residential units as of right. Massey Knakal, which began marketing the parcel in March, says the plans that were approved for the site included construction of 12 individual buildings. According to a release from XIN, it already has about $8 million of permitting, zoning and foundation construction completed. Bloomberg reports that XIN plans to market the completed apartments as condominiums.