The property at 754 Grand Street in East Williamsburg has been bought by Pambar Realty, a real estate holding and management company, in its first acquisition in 20 years, according to Massey Knakal Realty Services.
The building, which sits between Graham Avenue and Humboldt Street, was sold in an all-cash transaction valued at $4.4 million. It is a mixed-use property constructed in 1920 which currently has 5,839 square feet, but can be built to include up to 9,732 square feet.
As part of its first development project, Pambar intends to completely vacate the building and reconfigure the property to maximize square footage and usability. According to Town Residential, the firm that represented Pambar in negotiations, the company is committed to creating quality residential units and bringing a national retail tenant to the neighborhood (There have been rumors that Chipotle will move into the space). It is also two blocks from the Grand Street L Station.
“Everyone is being pushed out of the prime Williamsburg and everything is shifting over here,” said Douglas Simone of Town Residential, one of the brokers who represented Pambar. “The retail is catching up with [this shift].”
Mr. Simone of Town Residential, along with colleague Matthew Fernandez, represented the buyer. Massey Knakal’s Mark Lively, Brendan Maddigan and Ethan Stanton represented the seller.
“Grand Street is seeing great growth in popularity and this property was well suited to take advantage of this momentum. The price realized is the highest paid on Grand Street for any building under 30 feet wide, by 25 percent more than the next highest sale,” said Mr. Maddigan in prepared remarks.