New York neighborhood on the rise

East Williamsburg in New York City is trending up.

It might not be Manhattan, but New York's East Williamsburg neighborhood is starting to lure developers to the area, according to The Commercial Observer. Considered the northwestern portion of Brooklyn, East Williamsburg is gearing for expanded retail and residential redevelopment after the $14.2 million sale of 774-784 Grand St. and 213 Maujer St.

A venture between Kamson Corporation's Jeff Kurtz and Grand Street Development's Dean Marchi was responsible for the purchase, according to Dave Behin.

Behin, president of the investment sales and advisory division of MNS, a brokerage firm specializing in residential properties in New York City, told The Wall Street Journal that Kurtz and Marchi bought the properties from a single owner who had owned the real estate for years.

'"This is just an area that's seen an enormous amount of growth and obviously the L train has been a huge part of that," Behin told the Journal. "Better retail and restaurants and cafes [are] also drawing people."

The properties sit near the Grand Street stop on the L subway line and will be combined into one featuring 63,000 square feet of residential space for 69 rental-apartment units and 12,000 square feet of ground-floor retail space.

Kurtz's company, Kamson, owns and manages 83 investment properties spanning four states: New York, New Jersey, Connecticut and Pennsylvania.

Meanwhile, Marchi's firm, Grand Street Development, specializes in developments that look to reproduce New York City's architectural history of warehouse and cast-iron buildings.

Prices rising fast
Real estate values in East Williamsburg have been skyrocketing, according to The Real Deal. The neighborhood recently netted a $42 million sale for a trio of new or newly renovated properties located at 484 Humboldt Ave., 64-68 Maspeth Ave. and 65 Maspeth Ave.

The buildings last sold for a little more than $16 million in 2010 and 2011. The collective space totals 72,333 square feet, which features four retail spaces and 66 apartments.

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