NEW YORK—Moishe Blum has purchased 88 Jefferson Street in Brooklyn for $700,000. Kalmon Dolgin Affiliates Inc.’s Joel Kohn, broker, represented Blum; Levy Real Estate acted on behalf of the seller, GM Realty in the transaction.

The 5,000-sq.-ft. property is located in the Williamsburg neighborhood and was purchased in an all-cash deal. The buyer plans to demolish the existing one-story structure so a residential development can be developed in its place.

Situated between Bushwick and Evergreen avenues, 88 Jefferson Street offers access to the J, M and Z subway lines, as well as the Jackie Robinson Parkway and Brooklyn Queens Expressway.