NEW YORK—A full-block development site at 421 Kent Ave. in the Williamsburg neighborhood of Brooklyn has been acquired by the Chinese government for a purchase price of $54 million. Massey Knakal Chairman Bob Knakal and Vice President of Sales Mark Lively exclusively handled the transaction.

Situated on 2.19 acres, the development site is bound by South 8th Street, South 9th Street, Kent Avenue and Wythe Avenue.

The new ownership has the right to build 216 residential units in an as-of-right buildable square footage of approximately 400,000 sq. ft. The plans that were approved for the site included construction of 12 buildings.