Invictus Property Advisors is pleased to announce the successful sale of 47 Herbert Street, a block-through development opportunity in the heart of Williamsburg.
The property features approximately 25 feet of frontage along Herbert Street and an additional 13 feet along Meeker Avenue. Through our underwriting, we identified that Meeker Avenue qualifies as a wide street, which—despite the limited frontage—allowed for a wide street FAR bonus, creating meaningful additional buildable area.
The irregular shape of the lot presented challenges in identifying the right buyer pool, ultimately resulting in a sale at $260 per zoning floor area, reflecting an approximate 20% discount to market.
This transaction marks our third sale on the block, including 28 Herbert Street and 49 Herbert Street, further reinforcing our team’s depth of experience and market presence in this pocket of Williamsburg.
