Brooklyn Development Opportunity

[Mike H.]

We just listed a mix-use development R6 site in Bushwick for $6.6M. Buildable is approximately 24,367 and its close to the L & M trains. There are some new projects being built in the neighborhood as well. If you need more information let me know. Based off current numbers that would put the purchase price at $270 a foot. 

New Dev counts for less than 5% of sales in Brooklyn as a whole. There is a huge shortage of inventory.

Subject Property

http://michaelholt.elliman.com/new-york-city/373-383-harman-street-brooklyn-wadycqh

Nearby

316 Himrod St – directly in back of these lots. Built in 2008. 52 units 8 medical spaces and 35+ parking spaces below ground.

http://streeteasy.com/building/the-boswyck

330 Himrod St – also in back of these lots. Currently under construction

http://wyckoffheights.org/post/91246268515/mixed-use-development-planned-for-himrod-street

301 Himrod St – Lots sold last year for 9.5m. plans submitted.

http://newyorkyimby.com/2015/09/permits-filed-first-look-301-himrod-street-bushwick.html

Excellent Article About Current BK Market

http://ny.curbed.com/2016/4/7/11387056/median-sales-price-for-brooklyn-apartments-hits-post-recession-peak

-Michael

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