Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Sells Development Site In Clinton Hill

08/28/2013

A development site at 76-86 Lefferts Place, located between Grand and Classon Avenuesin Brooklyn’s Clinton Hill neighborhood, was sold in an all-cash transaction valued at $7,850,000.

The site contains approximately 19,632 square feet on a 166’ x 119’ lot.  This property is located in a R6B zoning district with a 2.0 FAR, and benefits from approximately 39,264 buildable square feet.  The sale price equates to approximately $200 per buildable square foot.

The site is conveniently located near various transportation options.  The A, C, and S trains are one block away at Franklin Avenue, and Barclays Center and Atlantic Avenue Terminal are a ten minute walk from the property.

“This transaction is a classic example of the velocity in the development market in neighborhoods like Clinton Hill. The seller initially purchased the property for $3,400,000 in June of 2012 with the intention to develop seven townhomes. Within 12 months, pricing for land has improved significantly,” said Stephen P. Palmese, who exclusively handled this transaction.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

08/28/2013 - 08:19

Source

Cushman & Wakefield Capital Markets Group New York

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