Cushman & Wakefield Sells Development Site in South Slope
A development site at 578 5th Avenue, located between 16th Street and Prospect Avenue in Brooklyn’s South Slope neighborhood, was sold in all-cash transaction valued at $2,500,000.
The site currently consists of a two-story mixed-use building on an approximately 25’ x 100’ lot. Zoned C4-3A, which has a residential equivalent of R6A, the site holds approximately 7,500 buildable square feet as-of-right. It was delivered vacant, and the sale price equates to approximately $333 per buildable square foot.
This property is located on the heavily trafficked 5th Avenue retail corridor, one block from the Prospect Avenue R train.
“The site traded at approximately $333 per buildable square foot, a record for South Slope,” said Cushman & Wakefield’s Aaron Warkov, who exclusively handled this transaction. “Our client was very satisfied with our process and the final sale price,” he continued.