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NEW YORK, NY – February 18, 2015 – Ariel Property Advisors has announced the sale of two development sites at 406 Cornelia Street and 1536 Putnam Avenue in the Bushwick section of Brooklyn for $3.8 million, which translates to $157 per buildable square foot. The properties are zoned for residential use and combine to offer 24,200 buildable square feet.
Exclusive agents Daniel Tropp, Michael A. Tortorici, Mark Spinelli, and Jonathan Berman represented the seller, a private owner, and procured the buyer, a developer.
“The properties are ideally located near great transportation, only a few blocks from the Myrtle-Wyckoff station, and within walking distance to several up-and-coming retail corridors as well,” said Daniel Tropp, vice president of Ariel Property Advisors. “With residential rents in Bushwick continuing to rise, these two sites offer the opportunity to build two residential rental or condo developments within a block of each other.”
The lot at 406 Cornelia Street is a 30-foot by 200-foot block-through site running from Cornelia Street to Jefferson Avenue that offers 13,200 buildable square feet, and 1536 Putnam Avenue is a 50-foot by 100-foot lot that offers 11,000 buildable square feet.
More information is available from the exclusive agents at 212-544-9500: Daniel Tropp, ext. 26, dtropp@arielpa.com; Michael A. Tortorici, ext. 13, mtortorici@arielpa.com; Mark Spinelli, ext. 35, mspinelli@arielpa.com; or Jonathan Berman, ext. 20, jberman@arielpa.com.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via mploc@arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.
