Press Release brought to you by CPEX Real Estate

CPEX Brokers the Sale of Additional Air Rights for Boerum Hill Development Site:

06/20/2012

Media Contacts:
Greg Roberts
Chief Operating Officer
Tel: (718) 687-4222
groberts@cpexre.com

FOR IMMEDIATE RELEASE:

CPEX Brokers the Sale of Additional Air Rights for Boerum Hill Development Site:

June 20th, 2012

Brooklyn, New York – On May 1st, the Naftali Group closed on the purchase of 95 3rd Avenue and 316 Bergen Street, a 55,000 buildable square foot development site. The CPEX New York Development and Conversion Investment Sales Team represented Goldmont Realty in the sale. Following the May 1st transaction, CPEX brokers negotiated the sale of 5,324 square feet of development rights from 103 and 105 3rd Avenue to the Naftali Group, for their new project at 316 Bergen Street.

The sale price of the air rights was $508,573, or $96 per square foot on a buildable basis.
As part of the recent Boerum Hill rezoning, the residential zoning along this stretch of 3rd Avenue changed from R6 to R7A, resulting in an increased floor area ratio (“FAR”) of 4.0. This transaction worked well for both parties. The owners of 103 and 105 3rd Avenue felt it would make more sense to sell the air rights to Naftali instead of adding on to the existing buildings, which are fully occupied and were constructed pre-1900. They are excited about the prospect of having a brand new building on the block certain to attract new families and liven up the 3rd Avenue corridor, which is predominantly industrial.

CPEX’s Development and Conversion team, consisting of Managing Partner Brian T. Leary, Managing Director Sean R. Kelly, Esq., and Associates Cengiz (“Jay”) Sendogdular and Matthew J. Dzbanek, negotiated the transaction.

For further information, please contact CPEX, info@cpexre.com , or (718) 935-1800.

About CPEX:
CPEX was founded in September 2008 by Timothy D. King and Brian T. Leary, two prominent leaders in the New York City commercial real estate industry. The founders have provided a broad range of real estate and business services locally, nationally and internationally throughout their career.

CPEX provides a full range of services for both real estate and business owners, through our innovative operating platform and entrepreneurial culture. CPEX implements a team-based approach in which each group is focused on a specific business line, product type and definitive specialization for each market. Real estate services include: sales, leasing, acquisitions and advisory. Business services include: sales, acquisition, and advisory.


CPEX adds additional resources and support to its teams. Each business line is backed by its own dedicated operations team. The operations team carries out tasks such as scheduling, preparing materials and documentation, client reporting, coordinating public relations, advertising and marketing efforts, and working with CPEX administration. Teams are further supported by our centralized in-house research, technology and marketing & media groups. This quality of support allows our sales force and advisory team to remain singularly focused on executing assignments. The CPEX operating platform consisting of multiple people working together in a specialized system is proven to achieve maximum results for our clients.

06/20/2012 - 11:54

Source

CPEX Real Estate

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