Successful Sale of 589 Metropolitan Avenue in Williamsburg, Brooklyn

Bob Knakal successfully arranged the $2.3 million sale of 589 Metropolitan Avenue, a three-story mixed-use development site located in the heart of Williamsburg, Brooklyn. The property was purchased by Blank Property Group, reflecting the ongoing strength of investor demand in one of New York City’s most active development markets.

This sale demonstrates the enduring appeal of compact, well-located properties that allow investors flexibility in redevelopment. Positioned within walking distance of Bedford Avenue and McCarren Park, the site benefits from Williamsburg’s continued growth as a premier residential and retail hub.

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Sale Details of 589 Metropolitan Avenue

The transaction closed on April 19, 2021, for a total consideration of $2,300,000, equating to $682.09 per buildable square foot (BSF). The sale reflects the value developers place on adaptable mixed-use properties within walkable, transit-rich Brooklyn neighborhoods.

Key Sale Highlights:

• Buyer: Blank Property Group
• Seller: SL Development
• Asset Class: Mixed-Use Development Site
• Sale Date: April 19, 2021
• Price: $2,300,000
• Price per SF/BSF: $682.09

Prime Location and Property Details

Situated mid-block on Metropolitan Avenue between Lorimer Street and Union Avenue, the property occupies a vibrant, pedestrian-friendly corridor known for its fusion of creative businesses, boutique retail, and residential demand. The building’s compact footprint offers developers the opportunity to create high-quality retail or residential space in one of Brooklyn’s most desirable enclaves.

Property Highlights:

• Full Address: 589 Metropolitan Avenue, Brooklyn, NY 11211
• Building Size: 3,372 buildable square feet
• Stories: 3
• Lot Size: Approximately 0.05 acres
• Zoning: Suitable for mixed-use redevelopment
• Building/Lot Ratio: 1:1
• Submarket: Williamsburg, Brooklyn

Market Strategy and Positioning of the Sale

Williamsburg has long been one of Brooklyn’s most resilient real estate markets, buoyed by its reputation as a cultural and commercial powerhouse. The sale of 589 Metropolitan Avenue capitalized on this demand, attracting competitive bids from multiple buyers seeking smaller-scale development opportunities in high-traffic corridors.

BKREA’s marketing strategy focused on the property’s central location, transit accessibility, and redevelopment potential. Emphasizing flexibility and long-term growth, the campaign positioned the asset as a boutique-scale investment ideal for adaptive reuse, retail expansion, or mixed-use development.

Why Williamsburg Remains a Top Brooklyn Development Market

Williamsburg has evolved from an industrial district into one of New York City’s most desirable residential and retail neighborhoods. Its mix of culture, community, and commerce continues to attract developers, residents, and investors from around the world.

Neighborhood Highlights:

• Transportation Access: Located steps from the Lorimer Street L and G subway lines, offering direct connectivity to Manhattan and other parts of Brooklyn.
• Lifestyle Amenities: Near McCarren Park, Bedford Avenue, and Metropolitan Avenue’s boutique retail, cafes, and nightlife destinations.
• Cultural Energy: Known for its music venues, art galleries, and independent restaurants that draw consistent foot traffic.
• Ongoing Growth: Continued development and adaptive reuse projects maintain Williamsburg’s status as a top-tier Brooklyn investment submarket.

In-Depth Look: Location Advantages and Long-Term Potential

589 Metropolitan Avenue sits along a vibrant stretch of Metropolitan Avenue, surrounded by popular restaurants, specialty coffee shops, and creative office spaces. Its immediate access to the L and G subway lines provides unmatched convenience for both residents and retailers.

Williamsburg’s enduring mix of historic industrial architecture and modern design continues to attract investors seeking properties with character and growth potential. The neighborhood’s stability and demand profile have made it a consistent outperformer in the Brooklyn real estate market for over a decade.

Conclusion: Strategic Sale Reflecting Brooklyn’s Market Strength

The $2.3 million sale of 589 Metropolitan Avenue reinforces the sustained investor confidence in Williamsburg’s mixed-use development sector. The property’s strong fundamentals, adaptable size, and prime location make it an excellent fit for redevelopment and long-term appreciation.

This transaction once again underscores BKREA’s expertise in navigating New York City’s evolving submarkets and delivering value-driven outcomes for both buyers and sellers.

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Frequently Asked Questions About 589 Metropolitan Avenue

Q1: What type of property is 589 Metropolitan Avenue?
589 Metropolitan Avenue is a three-story mixed-use development site located in Williamsburg, Brooklyn. It offers 3,372 buildable square feet, suitable for retail or residential redevelopment within a high-demand corridor.

Q2: When was the property sold and for how much?
The property sold on April 19, 2021, for $2,300,000, equating to approximately $682 per buildable square foot.

Q3: Who purchased the property?
The buyer was Blank Property Group, a Brooklyn-based firm specializing in boutique-scale development and adaptive reuse projects across New York City.

Q4: Who was the seller of 589 Metropolitan Avenue?
The property was sold by SL Development, a private development entity focused on residential and mixed-use assets.

Q5: What makes Williamsburg an attractive market for investors?
Williamsburg combines walkability, vibrant culture, and proximity to Manhattan. With continued retail and residential demand, it remains one of the most desirable and stable submarkets in Brooklyn for long-term investment.

Q6: How close is the property to public transportation?
The property is located steps from the Lorimer Street station, served by both the L and G subway lines, providing seamless connectivity to Union Square, Midtown Manhattan, and Downtown Brooklyn.

Q7: What are the redevelopment opportunities for this property?
Given its zoning and size, the property allows for flexible mixed-use redevelopment—ideal for ground-floor retail with residential or creative office space above. Its location supports both retail-driven and lifestyle-focused repositioning strategies.

Q8: How does this sale reflect broader market trends in Brooklyn?
The transaction highlights investor preference for smaller-scale, well-located properties that balance risk and return. Even amid market fluctuations, neighborhoods like Williamsburg continue to outperform due to their cultural identity and strong demand fundamentals.

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