CAVU Property Group Buys Brooklyn Development Site for $13M
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CAVU Property Group has acquired a corner development site at 2251 Nostrand Avenue in Brooklyn for $12.8 million. The property, owned by The Jackson Group, offers 75,000 buildable square feet and up to 91,969 square feet with a community facility.
Ariel Property Advisors served as the lead broker with a team led by Sean Kelly, Lawrence Sarn, and Shimon Shkury.
“Central Brooklyn has emerged as a strong residential marketplace where developers have an easier time underwriting rental projects,” Kelly said. “We received more than a dozen offers for this site, which illustrates how developers today are now looking farther into Brooklyn along transit hubs. The site also was attractive because it isn’t in a Mandatory Inclusionary Housing (MIH) area, therefore, allowable affordable rents are 130% of AMI.”
CAVU Property Group Buys Brooklyn Development Site for $13M
CAVU Property Group Buys Brooklyn Development Site for $13M
[ad_1]
CAVU Property Group has acquired a corner development site at 2251 Nostrand Avenue in Brooklyn for $12.8 million. The property, owned by The Jackson Group, offers 75,000 buildable square feet and up to 91,969 square feet with a community facility.
Ariel Property Advisors served as the lead broker with a team led by Sean Kelly, Lawrence Sarn, and Shimon Shkury.
“Central Brooklyn has emerged as a strong residential marketplace where developers have an easier time underwriting rental projects,” Kelly said. “We received more than a dozen offers for this site, which illustrates how developers today are now looking farther into Brooklyn along transit hubs. The site also was attractive because it isn’t in a Mandatory Inclusionary Housing (MIH) area, therefore, allowable affordable rents are 130% of AMI.”
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