Invictus Property Advisors is pleased to announce the successful sale of 89 Varet Street, a 17-foot-wide by 100-foot-deep retail building located in the heart of Williamsburg, Brooklyn. The property was acquired as part of a larger development assemblage, positioning the developer to unlock scale and density in one of New York City’s most supply-constrained and high-growth neighborhoods.
The site features a lot area of approximately 1,675 square feet and an as-of-right FAR of 2.2, allowing for roughly 3,685 buildable square feet. A key differentiator of the asset was its exceptionally low annual real estate tax burden of just $5,913, enhancing the economics of both near-term holding and long-term redevelopment strategies.
Williamsburg continues to experience strong residential demand driven by sustained population growth, limited new housing supply, and its proximity to major employment centers. The property benefits from excellent transit access via the M and J trains at Flushing Avenue, providing direct connectivity to Downtown Brooklyn, Lower Manhattan, and Midtown.
This transaction underscores our firm’s expertise in identifying, positioning, and executing development-driven sales, including assembling sites and negotiating complex transactions between neighboring owners, which require a nuanced understanding of zoning, density, and market dynamics.
