Cheskie Weisz has paid $19.85 million for the 251 Front St. development site located in Brooklyn, N.Y.
The seller was Paul Tocci.
“The 251 Front St. opportunity was one of the last parcels of undeveloped land in the Dumbo neighborhood and Vinegar Hill submarkets,” said Stephen Palmese,
vice chairman of JLL Capital Markets, which worked with the seller and the buyer. “The strength of the sale at just under $500 per buildable square foot is evidence of the long-term strength of the market.”
The development opportunity at 251 Front St. comprises a vacant, 19,991-square-foot lot between Bridge and Gold streets, three blocks from the East River waterfront. The site offers a total of 400 feet of prime, high-visibility corner retail frontage on three different streets. The property can support up to 39,982 buildable square feet of potential development and has a R6B zoning designation that is ideal for a boutique condominium or townhouse project.
