Successful Sale of 55 N 6th Street in Williamsburg, Brooklyn
Bob Knakal successfully closed the sale of 55 N 6th Street in Williamsburg, Brooklyn closed on April 8, 2021, marking another strong transaction in one of New York City’s most dynamic neighborhoods. The property traded hands for $4,800,000, showcasing the continued investor appetite for well-positioned development opportunities in North Brooklyn.
Situated in the heart of Williamsburg, this development site offers nearly 6,675 buildable square feet, making it highly attractive to buyers seeking to capitalize on the area’s strong residential and mixed-use demand.
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Sale Details
The sale of 55 N 6th Street reflects the strong market fundamentals that continue to drive demand for Brooklyn development sites.
- Sale Price: $4,800,000
- Price per Buildable Square Foot: $719.10
- Buyer: L3 Capital LLC
- Seller: 55 NORTH 6, LLC
- Asset Class: Development Site
- Closing Date: April 8, 2021
This transaction highlights:
- Prime location in Williamsburg.
- 2,500-square-foot lot with development potential.
- Close proximity to thriving retail, dining, and waterfront amenities.
- Competitive per-square-foot pricing reflective of market strength.
Property Details
Located mid-block on North 6th Street between Kent and Wythe Avenues, the site benefits from its prime position in Williamsburg’s most sought-after corridor.
- Full Address: 55 N 6th Street, Brooklyn, NY 11249
- Lot Size: 2,500 square feet
- Buildable Square Footage (BSF): 6,675
- Stories: Development potential
- Block / Lot: Block 2325, Lot 31
Investment Highlights:
- Central Williamsburg location with immediate access to retail and residential activity.
- Strong demand for development sites in the area.
- Walkable to public transportation and ferry service.
- Situated in one of Brooklyn’s most desirable submarkets.
Market Strategy and Positioning
Williamsburg remains one of Brooklyn’s premier investment markets, attracting both institutional investors and private developers. The sale of 55 N 6th Street aligns with current market trends, where small to mid-sized development sites continue to achieve premium pricing due to limited supply.
The site’s scale and zoning flexibility make it well-suited for a mixed-use or boutique residential project, which aligns with the neighborhood’s demand for new housing and lifestyle-driven retail.
Neighborhood Overview
Williamsburg has transformed into one of New York City’s most in-demand neighborhoods, driven by its cultural vibrancy, waterfront parks, and thriving retail scene.
Nearby attractions include:
- Williamsburg Waterfront and Domino Park.
- Bedford Avenue retail corridor, featuring national brands and boutique shops.
- Trend-setting restaurants, coffee shops, and music venues.
Neighborhood highlights:
- Vibrant retail and dining: Williamsburg is known for its trendsetting food scene, ranging from Michelin-starred restaurants to casual eateries.
- Strong residential demand: The area continues to see consistent demand from both renters and condo buyers.
- Waterfront access: Proximity to Domino Park and East River waterfront enhances lifestyle appeal.
- Connectivity: Multiple subway lines and the NYC Ferry provide excellent access to Manhattan and beyond.
Conclusion
The $4.8 million sale of 55 N 6th Street underscores the strength of Williamsburg’s development market and its continued appeal to investors seeking long-term growth opportunities. With nearly 6,675 buildable square feet in one of Brooklyn’s most dynamic neighborhoods, the property represents a prime development opportunity.
This transaction highlights the importance of market expertise and strategic positioning in achieving successful outcomes in competitive submarkets like Williamsburg.
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Frequently Asked Questions
Q1: What type of property is 55 N 6th Street?
55 N 6th Street is a development site in Williamsburg, Brooklyn, offering approximately 6,675 buildable square feet on a 2,500-square-foot lot.
Q2: When did the sale of 55 N 6th Street close?
The sale closed on April 8, 2021, during a period of strong demand for well-located Brooklyn development properties.
Q3: What was the sale price of the property?
The property sold for $4,800,000, which equates to approximately $719 per buildable square foot.
Q4: Why is 55 N 6th Street considered a strong investment opportunity?
Its prime Williamsburg location, proximity to waterfront amenities, and flexible development potential make it ideal for residential or mixed-use projects.
Q5: What are some notable features of the Williamsburg neighborhood?
Williamsburg is known for its thriving retail corridors, Domino Park waterfront, trendsetting restaurants, and excellent connectivity to Manhattan.
Q6: How does this sale reflect broader market trends?
The transaction highlights sustained investor demand for Brooklyn development sites, particularly in Williamsburg, where limited supply continues to drive competitive pricing.
