NEW YORK—Ideal Development has paid $4.2 million to acquire 442 Grand Street in the Williamsburg neighborhood of Brooklyn, N.Y. from Keap Grand LLC. Kalmon Dolgin Affiliates Inc. arranged the sale, representing both the buyer and the seller. James Dario, Jr. and Fred Rufrano led the deal.
The buyer plans to develop rental apartments on the 15,000-sq.-ft. development site, which occupies a full block on Grand Street between Hooper and Keap streets. The site of a former gas station, the parcel offers 45,000 buildable sq. ft. Design plans for the new building includes ground-floor retail with 476 ft. of frontage on three streets and on-site parking.
The parcel is in close proximity to public transportation as well as the Brooklyn Queens Expressway and Williamsburg Bridge.