Massey Knakal Sells Development Site In Bedford Stuyvesant
A development site at 75 Ralph Avenue, located between Putnam and Madison Avenues in Brooklyn’s Bedford Stuyvesant neighborhood, was sold in an all-cash transaction valued at $4,300,000.
The site is an approximately 130.08’ x 100’ lot that holds a total of approximately 39,024 buildable square feet. The property features a commercial overlay and falls outside of the Geographic Exclusion Area (GEA) allowing for a 421-a tax exemption as of right. The sale price equates to approximately $110 per buildable square foot.
The property is four blocks from the Gates Avenue J train at Broadway, offering access to nearby Williamsburg and Manhattan within 20 minutes.
“The competitive nature of this sale highlights the demand within the development community for the east side of Bed-Stuy, as it’s beginning to rival more established pockets further west in the neighborhood,” said Massey Knakal’s Michael Amirkhanian, who exclusively handled this transaction with Stephen Palmese.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.