The Reel

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A blog for breaking sales and neighborhood real estate news.

A development site at 452 East 29th Street, located between Foster and Newkirk Avenues in Brooklyn’s Flatbush neighborhood, was sold in an all-cash transaction valued at $750,000.

The approximately 8,000 square foot lot contains 80 feet of frontage on East 29th Street.  It sits in an R6 zone, allowing for approximately 19,440 buildable square feet.  The sale price equates to approximately $39 per buildable square foot.

“We received a great deal of interest from active local developers. The competition for the parcel produced a transaction that exceeded expectations,” said Nick Mahedy, who exclusively handled this transaction with Stephen Palmese.  “This sited is located one block from the Newkirk 2 and 5 subway station and offers 80 feet of frontage attracting a handful of residential developers interested in the opportunity to build in the Flatbush neighborhood,” said Mr. Palmese.

Click here for press release

Neighborhoods: Flatbush/ Agents: Stephen Palmese