Invictus Property Advisors (“Invictus”) is pleased to announce the closing of 28 Herbert Street, a corner development site in the heart of Williamsburg, Brooklyn. The site traded for $9,040,000 (or $286/BSF) and presents the developer with 31,600 SF above-grade project with fifteen (15) apartments, ground floor retail and nine (9) below grade parking spots.
Our team was marketing the site just prior to the expiration of the 421A tax abatement. While there was plenty of interest from rental developers, underwriting presented its challenges due to the inefficient layout of the DOB approved plans. Given the June 15, 2022 tax abatement deadline looming to get footing vested, there would not have been enough time to amend the plans. We pivoted to target active condominium developers and negotiated a 6 month closing period for the purchaser, who was able to make the necessary changes to the layouts prior to closing. Invictus brokered the purchase and sale agreement simultaneous to a settlement agreement with the leaseholder of the land and ownership.