The Reel

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A blog for breaking sales and neighborhood real estate news.

A development site at 213-215 20th Street, located between Fourth and Fifth Avenues in Brooklyn’s Greenwood Heights neighborhood, was sold in an all-cash transaction valued at $3,000,000.

The approximately 50’ x 100.17’ site consists of two contiguous parcels located in an R6B zoning district.  The site currently consists of two, two-family buildings which were delivered vacant.  It holds approximately 10,000 buildable square feet, with the sale price equating to approximately $300 per buildable square foot.

“By marketing these two parcels together, we were able to create a premium for each, and offer the market a 50 foot site. Through our extensive process, we were able to procure a buyer that closed on the two parcels for $300 per buildable square foot, making it one of the highest recorded development site sales in Greenwood Heights,” said Cushman & Wakefield’s Aaron Warkov, who exclusively handled this transaction.

Click here for press release