Brooklyn, NY; Schuckman Realty Inc. is thrilled to announce the sale of 1351 Dekalb Avenue, Brooklyn, NY 11221; located just off the Myrtle Avenue retail corridor in Bushwick.
This stalled 18,810 SF development site had a foundation in place and existing plans to build a 27-unit, five-story Building with parking and community facility on the ground floor and lower level.
Baruch Edelkopf and Joseph Rosenfeld of Schuckman Realty were exclusively hired on this assignment with the stated goal of uncovering not only the offer with the highest price but also the best terms and the quickest possible closing period.
Following a two-week blitz marketing campaign Messrs. Edelkopf and Rosenfeld were successful in presenting ownership with nine competitive offers from qualified developers with the experience and wherewithal to navigate diligence hurdles associated with taking on a stalled development project. ownership ultimately opted to proceed with the offer that included a 2-week TOE closing period at a $3,500,000 ($186/BSF) purchase price.
The developer community was highly engaged and enthusiastic about underwriting this deal, as Baruch Edelkopf noted, “Particularly appealing was the site’s grandfathered 421A tax abatement and the general sentiment that interest rates are moving favorably direction. Developers are actively seeking additional grandfathered 421 A sites to develop and add to their portfolios.”
For more information regarding this sale, or If you have a similar development site and would like a complimentary opinion of value, please feel free to reach out to Baruch Edelkopf and Joseph Rosenfeld at:
About Schuckman Realty Inc.: Schuckman Realty is a full service commercial real estate services firm serving New York City, Long Island, New Jersey, and the surrounding tri-state area. The Investment Sales team at Schuckman Realty Inc. brings vast and nuanced market knowledge, insight, and ingenuity to your portfolio from inception to completion. Schuckman Realty offers expertise in determining a property’s best use in terms of value gains to investors, extensive research and vetting process, access to qualified buyers and a proven sales & marketing team with a creative approach to maximize value.
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