Green Street Group pays $2.5M to Empire Square for dev site in Williamsburg

Green Street Group through the entity 566 Grand Street Spe LLC paid $2.5 million to Empire Square Group through the entity Esg Grand St LLC for a development site (V1) at 566 Grand Street in Williamsburg, Brooklyn.
The deal closed on October 8, 2021 and was recorded on October 21, 2021.
The property has 0 square feet of built space and 7,500 square feet of additional air rights for a total buildable of 7,500 square feet according to PincusCo analysis of city data. The sale price per buildable square foot is $333 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on June 18, 2019, for $2.1 million.
The signatory for Empire Square Group was David Maltby. The signatory for Green Street Group was Joshua Greenberg.
(321595724) Plans for a 7-unit, 6,461 square-foot R-2 were filed on November 7, 2019.
David Maltby is a partner at Empire Square Group. Joshua Greenberg is a principal at Green Street Group.

Within a 400-foot radius of 566 Grand Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, six were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $793,250 and five initial temporary certificate of occupancy issuances for projects that initially costed $6.7 million. The most recent of these six items was the temporary certificate of occupancy on January 5, 2021 for a 10,649-square-foot R-2 building with 10 residential units at 522 Grand St.
Of those nine items, three were loans above $5 million totaling $20.8 million. The most recent of the three was Abraham Grunhut which borrowed $5.3 million from Signature Bank secured by the 7,184-square-foot, eight-unit rental (C7) on 576 Grand Street on August 3, 2021.

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