Avison Young has brokered the sale of a four-lot development assemblage on Grand Street in Brooklyn’s East Williamsburg, achieving what the firm describes as record pricing for the neighborhood. The properties, located at 873–879 Grand St., traded for $13.5 million.
According to Avison Young, the transaction reflects pricing of $450 per buildable square foot, marking a new benchmark for development sites in this corner of Brooklyn. The assemblage offers a contiguous footprint along Grand Street, which the brokerage notes is increasingly attracting multifamily and mixed-use investment interest.
The seller, JJL Development, was represented by an Avison Young team of Miles Davis-Bosch, Patrick Madigan, Fritz Richter and Joe Moran. The buyer is identified as The Schwimmer Family of Rodgers Development. Specific development plans for the four lots were not disclosed in the announcement.
Davis-Bosch said the record-setting outcome underscores both the scarcity of large-scale development opportunities in East Williamsburg and the level of conviction investors have in the submarket. He pointed to the limited availability of sites offering more than 50 feet of frontage as a factor supporting competitive bidding and elevated pricing.
He also noted that rental and condominium pricing that previously concentrated in Northside Williamsburg and Greenpoint has been extending into East Williamsburg. That outward movement, he said, is being driven by demand that continues to exceed the pace of new development in the broader area.
Madigan highlighted the broader backdrop for the deal, describing 2025 as a standout year for ground-up development site trades across Brooklyn. He cited a 355% surge in sales volume for such sites, indicating a sharp acceleration in investor activity targeting buildable land during that period.
Madigan added that, in addition to higher transaction volumes, values on a price-per-buildable-square-foot basis have climbed significantly. The East Williamsburg assemblage sale, with its $450 per buildable square foot benchmark, was presented as an example of that upward repricing for development land.
While no information was provided on future uses, building size, or unit counts for the Grand Street parcels, the brokers framed the sale as emblematic of strong investor appetite for well-located development sites in Brooklyn. They emphasized that tightening supply relative to demand has supported both transaction activity and pricing for land positioned for new construction.
