The Real Deal New York

East Williamsburg to get new mixed-use project

December 30, 2013 08:20AM

A new retail and residential project is coming to East Williamsburg. A partnership between Jeff Kurtz of the Kamson Corporation and Dean Marchi of Grand Street Development has paid $14.2 million for 774-784 Grand Street and 213 Maujer Street, properties located near the Grand Street stop on the L train.

The buyers will combine the two properties into a single lot to build a mixed-use project that will have a 63,000-square-foot residential component, with 69 rental apartments, as well as 12,000 square feet of ground-floor retail space.

MNS’ Dave Behin represented the buyer, the Wall Street Journal reported, as well as the seller, which Behin told the newspaper was a family that had owned the properties for several years.

“This is just an area that’s seen an enormous amount of growth and obviously the L train has been a huge part of that,” Behin told the Journal. “Better retail and restaurants and cafes [are] also drawing people,” he added.

Indeed, prices in the neighborhood have been rising rapidly — a string of buildings in the area recently hit the market for $42 million, or about three times what the seller paid in 2010 and 2011. [WSJ, 1st item]  – Hiten Samtani