East Williamsburg Development Site Trades for $13.5M at Record Pricing
A development site in Brooklyn’s East Williamsburg neighborhood has changed hands in a transaction that set a new pricing benchmark for the local land market.
A four-parcel assemblage at 873–879 Grand Street sold for $13.5 million, achieving approximately $450 per buildable square foot, according to brokerage firm Avison Young, which represented the seller in the transaction.
The property was sold by JJL Development to the Schwimmer family of Rodgers Development, a group active in North Brooklyn residential development.
The sale was brokered by Avison Young, with brokers Miles Davis-Bosch, Patrick Madigan, Fritz Richter, and Joe Moran representing the seller.
Plans for Future Residential Development
The assemblage consists of four properties along Grand Street between Bushwick Avenue and Olive Street.
The buyer is reportedly planning to redevelop the site into a roughly 55-unit rental building, though construction permits have not yet been filed with the city.
Demolition applications have already been submitted for the existing two-story structures currently occupying the site, suggesting redevelopment activity could move forward once approvals and financing are secured.
Record Pricing Reflects Strong Development Demand
At approximately $450 per buildable square foot, the transaction represents a record for development land pricing in East Williamsburg.
Brokers involved in the deal said the pricing reflects several factors, including the limited supply of development sites with more than 50 feet of street frontage and continued investor demand for residential projects in North Brooklyn.
Recent data from the brokerage community also shows strong momentum in the borough’s development market, with ground-up development site sales in Brooklyn increasing sharply in 2025, alongside rising land values across several neighborhoods.
Development Pressure Expands Beyond Prime Williamsburg
For years, the most intense development activity in Brooklyn was concentrated in North Williamsburg and Greenpoint, where luxury residential towers and waterfront redevelopment reshaped the skyline.
More recently, however, developers have increasingly targeted nearby areas such as East Williamsburg, where industrial and low-rise commercial parcels offer redevelopment potential.
Rising rents and strong demand for new housing in North Brooklyn have pushed developers to seek opportunities in surrounding neighborhoods that still contain underutilized sites.
Final Thoughts
The sale of the Grand Street assemblage highlights the continued demand for residential development sites across Brooklyn.
Even as interest rates and financing conditions fluctuate, investors remain willing to pay record prices for well-located land parcels capable of supporting new multifamily construction.
As development spreads beyond the core Williamsburg waterfront, East Williamsburg appears increasingly positioned as the next frontier for North Brooklyn’s residential growth.
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