Bed-Stuy Development Site Trades for $11M
Cushman and Wakefield closed the sale of a prominent Brooklyn development site located at 703 Myrtle Ave. in Bedford-Stuyvesant for $10,800,000. The site was acquired by Abie Weiss, who plans to develop a mix of condo and rental units on the site.
Cushman & Wakefield’s Dylan Walsh, Jonathan Squires, Nick Kolbus, and Tyler Morss led the transaction on behalf of the seller, Jake Levy.
“This transaction highlights the value of professional representation in a complex and competitive market like New York City,” said Walsh. “The owners chose our team to spearhead a strategic approach to selling this site. Within weeks, we tapped into our extensive network and executed a robust marketing strategy, resulting in a final sale price that achieved a 6% premium over the broader market.”
The corner lot spans approximately 8,620 square feet with 36,204 buildable square feet under the Mandatory Inclusionary Housing zoning district.
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