Successful Sale of 405–415 South 3rd Street in Williamsburg, Brooklyn

Bob Knakal successfully arranged the sale of 405–415 South 3rd Street, a well-located development site in the heart of Williamsburg, Brooklyn. The property closed on February 3, 2011 for $1,525,000, delivering a strong development opportunity within one of Brooklyn’s most high-demand neighborhoods.

The seller, United Methodist City Society, a long-standing nonprofit organization, relied on the team’s trusted advisory and deep market expertise cultivated through years of collaboration. The buyer, Largo Investments, secured the site as part of their expanding development portfolio in emerging Brooklyn growth corridors.

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Successful Sale of 405–415 South 3rd Street in Williamsburg, Brooklyn

Bob Knakal successfully arranged the sale of 405–415 South 3rd Street, a well-located development site in the heart of Williamsburg, Brooklyn. The property closed on February 3, 2011 for $1,525,000, delivering a strong development opportunity within one of Brooklyn’s most high-demand neighborhoods.

The seller, United Methodist City Society, a long-standing nonprofit organization, relied on the team’s trusted advisory and deep market expertise cultivated through years of collaboration. The buyer, Largo Investments, secured the site as part of their expanding development portfolio in emerging Brooklyn growth corridors.

Sale Details

This transaction reflects the competitive nature of development activity in South Williamsburg, driven by rising residential demand and consistent neighborhood growth.

• Sale Price: $1,525,000
• Price per Buildable SF: $62.56
• Buyer: Largo Investments
• Seller: Bill Shilady, United Methodist City Society
• Asset Class: Development
• Sale Date: February 3, 2011

Highlights of the Transaction

• 24,375 buildable square feet
• Located on Block 2439, Lot 6
• Positioned near key Williamsburg growth corridors
• Rare mid-block development site with scale
  
  

Property Overview: 405–415 South 3rd Street, Williamsburg

This development site sits at the intersection of South 3rd Street, Hewes Street, and Hooper Street, placing it in the heart of South Williamsburg’s thriving residential core. Its flexibility and scale make it ideal for a new residential or mixed-use project, providing investors with significant development potential in one of Brooklyn’s most desirable neighborhoods.

Key Property Details:

• Full Address: 405–415 South 3rd Street, Brooklyn, NY
• Lot Size: 24,375 BSF
• Stories: Vacant development site
• Building Count: 5-building assembly (per records)
• Use: Development

Investment Highlights:

• Rare development site in a high-demand residential market
• Positioned near transportation, retail, and community amenities
• Opportunity for new residential or mixed-use construction
• Strong potential for long-term value creation

Market Strategy and Positioning for South Williamsburg Development

Williamsburg was already emerging as one of Brooklyn’s leading growth neighborhoods in 2011, driven by rising residential demand, retail expansion, and developer interest. The property team positioned 405–415 South 3rd Street as a mid-block development site with substantial scale, leveraging competitive bidding to maximize value.

Market Strategy Highlights:

• Highlighted the property’s 24,375 buildable square feet
• Emphasized location momentum in South Williamsburg
• Demonstrated increasing developer interest in residential growth corridors
• Maximized seller value through structured bid process

Neighborhood Overview: South Williamsburg, Brooklyn

South Williamsburg is renowned for its blend of artistic culture, walkable streets, and strong residential demand. The neighborhood continues to attract young professionals and families seeking a vibrant urban lifestyle while remaining well-connected to Manhattan.

Key Neighborhood Features:

• Thriving Local Scene: Cafés, boutique shops, and creative workspaces
• Growing Residential Demand: Popular among professionals and families
• Strategic Transportation Access: Served by M, J, and L subway lines
• Cultural Identity: Artistic community with eclectic dining and shopping
• Retail Corridors: Havemeyer Street, Broadway, and Grand Street
• Community Amenities: Parks, schools, and cultural institutions

Conclusion: Prime Development Opportunity in Williamsburg

The sale of 405–415 South 3rd Street underscores the strong demand for well-located development sites in Williamsburg, Brooklyn. Bob’s expertise ensured a smooth transaction for both buyer and seller, reinforcing the firm’s reputation for delivering trusted advisory, market insight, and execution across all property types.

Client Testimonial

“Bob Knakal and Jonathan Hageman have advised the United Methodist City Society on a significant amount of our real estate issues and dispositions over the years. We turned to them as a trusted advisor because they know the entire NYC market better than any other broker; they have been completely trustworthy; and they have a unique ability to push pricing through their broad and structured bid process.”
– Bill Shillady, Chief Executive Officer, The United Methodist City Society

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Frequently Asked Questions (FAQ) About 405–415 South 3rd Street Sale

Q1: What type of property is 405–415 South 3rd Street?
It is a development site consisting of a 5-building assembly with 24,375 buildable square feet. The site was sold for its potential to support new residential or mixed-use construction, making it attractive to developers seeking scale in South Williamsburg.

Q2: Why was this development site particularly attractive to investors?
The property’s substantial buildable square footage and prime location in South Williamsburg created a rare investment opportunity. Developers were drawn by the neighborhood’s ongoing growth, rising rental demand, and proximity to retail, transportation, and cultural amenities.

Q3: Who purchased the property and why?
Largo Investments acquired the site to expand their Brooklyn development portfolio. The purchase aligned with long-term trends in Williamsburg, where strong residential demand and neighborhood momentum promised value creation.

Q4: What factors made South Williamsburg a desirable location in 2011?
South Williamsburg was experiencing rapid residential growth, with improved transit access, thriving retail corridors, and a strong community vibe. These factors created a market with high absorption rates for new housing and long-term investment potential.

Q5: Was there an existing structure on the property at the time of sale?
The site consisted of a 5-building assemblage with limited existing structures. Its primary value was tied to its 24,375 buildable square feet, offering developers flexibility to design residential or mixed-use projects from the ground up.

Q6: How does this sale reflect broader trends in Brooklyn real estate?
The transaction illustrates the high demand for mid-block development sites in Brooklyn’s growth neighborhoods. It demonstrates investor confidence in South Williamsburg’s long-term residential and mixed-use development potential.

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