Avison Young brokers record $450-per-square-foot sale for East Williamsburg development site
Benchmark sale comes as Brooklyn ground-up development volume jumps 355% year-over-year
Brooklyn, NY – Global real estate advisor Avison Young arranged the $13.5 million sale of a four-lot development assemblage at 873–879 Grand Street in Brooklyn’s East Williamsburg neighborhood, achieving record pricing of $450 per buildable square foot.
The transaction underscores the depth of demand for well-located development sites in East Williamsburg, where limited supply continues to drive aggressive pricing. The property carries 30,000 zoning floor area (ZFA) of development rights to the base FAR and offers more than 50 feet of frontage, a rarity in the submarket.
Avison Young’s Miles Davis-Bosch, Patrick Madigan, Fritz Richter and Joe Moran represented the seller, JJL Development, in the disposition. The buyer was The Schwimmer Family of Rodgers Development.
“This assemblage achieved record pricing, reflecting both the scarcity of developable sites with over 50’ of frontage and the strength of investor conviction in the area,” said Davis-Bosch. “Premium rents and condo pricing once confined to Northside Williamsburg and Greenpoint are now radiating outward, fueled by demand that continues to outpace new supply.”
“2025 was a standout year for ground-up development sites across Brooklyn, with sales volume surging an astounding 355%,” said Madigan. “In addition to volume growth, values on a PPZFA basis have climbed dramatically, especially for well-located sites with the ability to build sub 99-unit projects.”
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