421 Kent Avenue, in Williamsburg, Brooklyn, has sold for around $40 million, sources have revealed to The Commercial Observer.
It wasn’t clear immediately who the identity of the buyer was, though speculation has swirled whether it is a member of that area’s Hasidic community. The site can accommodate about 400,000 square feet of residential space, but has a restriction penciled into its deed that disallows more than 216 apartments to built on the site, a relatively sparse number of units considering the size of a potential project – the parcel is about two acres in size.
The cap on apartments was a move by former owner Isaac Hager to keep the property in the cloistered Hasidic community, which typically have large families and would seek out the kind of spacious units such a project could create. Mr. Hager eventually lost control of the site to his lender, Manchester Real Estate & Construction, according to written reports. Manchester was the seller in the current deal.
Bob Knakal, chairman of the brokerage company Massey Knakal, led a company team that handled the sale of the property. Mr. Knakal confirmed he was handling the deal but said he couldn’t comment on whether the property had yet traded hands.