Brooklyn Property With Art Gallery Hits Market for $20M
By Andrew Coen February 2, 2023 2:20 pm
reprints
One of the last large chunks of privately owned green space in Williamsburg, Brooklyn, is for sale and being marketed as a rare opportunity for mixed-use development.
Colliers is marketing the assemblage of properties, which sit mostly along Driggs Avenue between Grand Street and South First Street, with a $20 million asking price, Commercial Observer has learned. One of the lots at 216 Grand Street is currently utilized as an art gallery within a 11,000-square-foot building that also offers commercial space along with residential units on the second and third floors. The other seven lots, all vacant but filled with trees and plants, comprise 21,443 square feet of buildable residential space for possible condos or apartments.
“The full-floor residential units have 14-foot ceilings with corner exposure and abundant light, and the seven vacant lots currently serve as a massive private garden,” Zach Redding, managing director in Colliers (CIGI)’ New York capital markets group, told CO.
The lots are owned by the estate of artist Frank Fristachi, according to property records. The lots were last available for sale 50 years ago.
The property could be adapted to a mix of uses and may also attract interest from high-net-worth families seeking a “one-of-a-kind” personal residence in Williamsburg, Redding said. The portfolio gives buyers multiple options since the vacant land and existing building at 216 Grand can be sold together or separately. The 216 Grand Street property also benefits from New York City’s protected 2A tax class for properties with 10 or fewer units, which Redding said has seen “significant private and institutional investment” during the past few years.
Andrew Coen can be reached at acoen@commercialobserver.com
