The Real Deal New York

Foreclosed W’burg property hits market less than week after bought at auction

March 05, 2012 06:30PM

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From left: Massey Knakal Chairman Robert Knakal and 421 Kent Avenue

The lender of a foreclosed Williamsburg property that acquired it from an auction last week has put the plot on the market for $52.5 million, Crain’s reported.

The site is 421 Kent Avenue, located two blocks away from the Williamsburg Bridge. Just over 2 acres in size and with the potential to house a 443,000-square-foot structure, the first developers, Isaac Hager and the late Chaim Lax, reportedly defaulted on their $17 million loan in 2008. The previous year, they had paid $42.6 million for the land.

Massey Knakal Realty Services, which operates under the lender, Manchester Real Estate & Construction, began marketing the site over the weekend and has already received over 100 responses, according to Crain’s.

“This is a very large site for Williamsburg,” Robert Knakal, chairman of Massey Knakal, told Crain’s. “Most of the other sites in play are very small with about 20,000 to 40,000 of buildable square feet.” [Crain's]

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