Downtown Parking Lot Sells for $38.46 Million

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A real estate firm named JEMB Realty bought a parking lot in downtown Brooklyn for $38,464,188. If that seems like a staggering amount to pay for a parking lot, well, it’s located at 420-428 Albee Square, right across the street from City Point. It’s got 185,000 buildable square feet, The Real Deal reported.

That works out to be $205 per buildable square foot. No word yet on what is planned, but we’re guessing a mixed-use building. The deal closed March 26.

Morris Bailey’s JEMB Buys Brooklyn Lot for $38.5 Million [TRD]
Photo by Scott Bintner for PropertyShark

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