Urban Realty Partners pays $48.5M for dev site in Brooklyn Navy Yard

Urban Realty Partners through the entity Macentico II LLC paid $48.5 million to Emily M. Wang through the entity Great Front Realty Corp. for industrial (E1) at 218 Front Street in Brooklyn Navy Yard, Brooklyn.
The deal closed on October 27, 2021 and was recorded on November 8, 2021.
The property has 41,871 square feet of built space and 105,780 square feet of additional air rights for a total buildable of 147,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,158 and the price per buildable square foot is $328 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 signatory for Emily M. Wang was Emily M. Wang. The signatory for Urban Realty Partners was Daryl Hagler.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.
Within a 400-foot radius of 218 Front Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
One of those two items was a sale which CW Realty bought the development site (G7) on 68 Gold Street for $20.2 million from Paul Tocci on June 26, 2020.
One of those two items was a loan which CW Realty borrowed $10.3 million from Bank Hapoalim secured by that site (G7) on 68 Gold Street on June 26, 2020.

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