Development Site Sale Sets Carroll Gardens Pricing Record
Marcus & Millichap closed the sale of 101-103 Luquer St., a development site in Brooklyn’s Carroll Gardens neighborhood, for $5,250,000. Jesse Kay and Jakub Nowak of the Nowak Group of Marcus & Millichap represented the seller and procured the private buyer.
“At $503 per buildable square foot, this transaction sets a record price for Carroll Gardens and reflects the continued strength of Brooklyn’s condominium market,” said Kay. “Well-located residential condo development sites are in high demand, and we are seeing sustained competition from developers across Brownstone Brooklyn. With limited supply, transactions like this continue to push land values higher across the neighborhood.”
The single-story building is located between Henry and Clinton streets in Carroll Gardens. The 5,217-square-foot lot offers approximately 10,434 buildable square feet, supporting condominium, townhouse or rental development. The property features more than 50 feet of frontage and is five blocks from the Carroll Street and Smith–Ninth Street F and G subway stations.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout