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BROOKLYN, NY-An outstanding residential development site with potential for conversion at 20 Henry St. in the Brooklyn Heights section of Brooklyn has been sold in an all-cash transaction valued at $19.6 million. A source close to the deal tells GlobeSt.com that the sellers were Broadway Management and the Praedium Group. The buyer was Urban Realty Partners.

The seven-story vacant loft building is located in the Landmark Historic District of Brooklyn Heights, with close proximity to the Brooklyn Bridge Park and Dumbo. It contains approximately 45,990 sf.

Landmark approval has been obtained to add a four-story, 14,500-sf residential apartment building on the vacant land adjacent to the existing building. The source tells GlobeSt.com that the building was vacant and ready for conversion at the time of sell.

The blockfront property offers 201 feet of frontage on Henry Street, with approximately 62 feet of frontage on Popular Street and 65 feet of frontage on Middagh Street. More than 20 offers were received. Massey Knakal Realty Services was the sole broker in the transaction.

Urban Realty Partners recently completed the Arches in Cobble Hill, a conversion from a church to residential condominiums. “The strength of Brooklyn residential market continues to command big numbers,” notes Massey Knakal managing director and partner Brian Leary, who exclusively represented Broadway Management and Praedium, along with Massey Knakal chairman Robert Knakal. “There was tremendous interest in the property. It's a unique loft building delivered vacant for conversion.”

Instant Insights /

Urban Realty Pays $20M for Development Site

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