A four-property stretch on Grand Street in Williamsburg just changed hands for $13.5 million, landing as one of the neighborhood's heftier development deals in recent months. The buyer, identified as a member of the Schwimmer family, is planning a roughly 55-unit rental project on the site, according to brokers, although no construction permits are in the system yet. The combined parcels offer about 30,000 buildable square feet, which shakes out to roughly $450 per buildable square foot.
As reported by Crain's New York Business, JJL Development sold four properties at 873–879 Grand St. in Williamsburg. Avison Young brokered the deal for the seller, and the team pegged the assemblage at about 30,000 square feet of development rights. Brokers told Crain's the price works out to around $450 per buildable foot, a level they framed as a local benchmark for North Brooklyn land trades.
Permits and plans
Demolition applications are in for the existing two-story buildings on the block between Bushwick Avenue and Olive Street, but city officials have not yet signed off on those permits, and there are still no construction filings on record, according to Crain's New York Business. Patrick Madigan of Avison Young told Crain's that 2025 was a "standout year," noting that the volume of ground-up development in Brooklyn jumped about 355% year over year. Brokers said the Schwimmer group is aiming to bring market-rate rental housing to the site, with timing hinging on approvals and how quickly they can lock in financing.
How the trade compares
The price on Grand Street edges past several recent nearby deals, including Chess Builders' Meserole and Lorimer purchase, which closed earlier this year for about $19.6 million and penciled out to roughly $425 per buildable square foot, according to PincusCo. That steady creep in price per foot highlights how developers are still hungry to flip low-rise industrial and commercial parcels into multifamily housing across Williamsburg.
Seller and next steps
The seller, JJL Development, is a Brooklyn operator whose site listings point to other residential holdings around the borough. Avison Young represented JJL in this sale, and the buyer now faces the usual gantlet of approvals and financing before any demolition or construction can get underway. If the Schwimmer family pushes ahead as planned, the Grand Street site stands to add dozens of rental units to the neighborhood. For now, the deal mostly stands out as a fresh pricing benchmark in North Brooklyn.
City approvals will ultimately dictate when any real activity starts on the ground, and nearby residents should not see demolition crews until the Department of Buildings signs off on the necessary permits. At this point, the sale is one more data point in a market where buildable land in Williamsburg remains both scarce and very much in demand.
