A development site at 41-43 Dean Street, located between Court and Smith Streets in Brooklyn’s Boerum Hill neighborhood, was sold in an all-cash transaction valued at $2,450,000.
This property consists of an approximately 2,226-square foot lot which measures 53’ x 42’ and is ideally located on a tree-lined residential block. The site holds approximately 4,452 buildable square feet for residential development, and the sale price equates to approximately $550 per buildable square foot.
This property is located just one block from the Bergen Street F and G subway station and the Borough Hall 2, 3, 4, 5, and R subway station is just a few short blocks north. It is well-positioned among Brownstone Brooklyn’s most desirable retail destinations with Atlantic Avenue to the north, Court Street to the west, and Smith Street to the east. The property is surrounded by an array of local bars, eateries, and boutiques as well as national retailers including Trader Joe’s, J. Crew, Barneys, CVS, New York Sports Club, and Starbucks. The Brooklyn waterfront and Brooklyn Bridge Park are also a few blocks west.
“Not only does this sale establish a new record for price per buildable square foot within the greater Downtown Brooklyn markets, it is indicative of an upward trend in value for smaller-scale development opportunities in desirable residential enclaves,” said Cushman & Wakefield’s Stephen P. Palmese, who exclusively handled this transaction.
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Neighborhoods: Boerum Hill/ Agents: Stephen Palmese