DOWNTOWN BROOKLYN — A potential development site at the northeast corner of Jay and Chapel streets in Downtown Brooklyn has sold to a developer for $2.3 million, Massey Knakal Realty Services Brooklyn reports.
The sale price equates to approximately $78 per buildable square foot, according to Stephen Palmese, director of sales, who handled the transaction.
The corner property, whose address is 219-221 Jay St., is comprised of a three- and four-story vacant former dormitory building.
According to city records, it was owned by St. James Cathedral and served as rooms for students of St. Francis College. The new owner is identified as 219 Jay St. LLC.
Palmese, who said the developer prefers to remain unnamed, believes the plan is to build rental apartments.
Sitting on a lot 49 feet by 100 feet, the 7,700-square-foot building is within a C6-2 zone allowing approximately 30,000 buildable square feet, according to Palmese.
“Demand for development sites is being fueled by peaking rental rates, coupled with the nearly complete absorption of new construction rental product in DoBro [Downtown Brooklyn],” he said.