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New York

Flank grabs three Williamsburg parcels for $21.6M

Developer bought another five-parcel set for $36M last week

Flank's Jon Kully and 70 Grand Street in Williamsburg
Flank's Jon Kully and 70 Grand Street in Williamsburg

Flank, one of Brooklyn’s most active condominium developers, added three more Williamsburg development sites to its portfolio.

The firm picked up 70 and 72 Grand Street, along with 314-326 Wythe Avenue, paying $21.6 million to seller the Gorlick family.

The sites have a combined 26,900 square feet of development rights, meaning Flank paid $803 per buildable square foot, the Wall Street reported.

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Cushman & Wakefield represented the seller.

The company is planning to create residential, office and retail space at the site, renovating parts of the existing buildings, and constructing new structures, Flank principal Ken Copeland told the Journal.

The site is just two blocks away from another five-parcel assemblage Flank recently purchased, at 60 South 2nd Street. The Real Deal first reported the purchase of that property last week. It’s been the subject of litigation with investor Shulem Herman. [WSJ] – Ariel Stulberg

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