NEW YORK—Massey Knakal Realty Services has sold a development site located at 49 Bond Street in Brooklyn for $70 million.

Spanning more than an acre, the 49,942-sq.-ft. property is situated in a C6-4 zone, carries and R10 residential designation and allows for commercial, residential or community facility use.

This designation allows for an as-of-right building of approximately 500,000 sq. ft. with the ability to expand the site to 600,000 sq. ft. through the use of inclusionary house bonuses.

“The sale of this site is a great shot in the arm for Brooklyn’s downtown market, which is one of the most transformative neighborhoods in the city presently,” said Massey Knakal Chairman Bob Knakal, who exclusively handled this transaction with Senior Executive Vice President Stephen Palmese.