Residential lot sold in Coney Island

Massey Knakal’s Brian Hanson and the lot at 2865-58 Stillwell Avenue

The sale of a 9,500-square-foot development site in Coney Island is expected to close by the end of August, the first transaction for a residential development in the area in two years, Crain’s reported. The Brooklyn site — located at 2856-58 Stillwell Avenue, between Mermaid and Neptune avenues — is in contract for $50 per buildable square foot, said Brian Hanson, first vice president of sales at Massey Knakal Realty Services, who is representing both the buyer and seller in the deal. Hanson declined to say exactly how much it will sell for after being on the market for four months, but noted that it is close to the $1.5 million asking price. The buyer, a local developer who has done work in Coney Island as well as in Park Slope, plans to build apartments there. Currently, a fully-occupied four-family building sits on the site, which is zoned for about 28,600 square feet of residential space, a project of up to 30 units. Hanson noted that if the site was delivered vacant the seller could have earned $25,000 more on the deal. [Crain’s]

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