TerraCRG and Compass sell neighboring residential development sites for $5.45 million in East Williamsburg

TerraCRG, Brooklyn’s leading commercial real estate brokerage firm, has completed the $2,350,000 sale of 30 Bushwick Avenue, a residential development site in East Williamsburg. Daniel Lebor, partner of TerraCRG, and Andrew Manasia, partner, exclusively represented the seller and the buyer in connection with this transaction.

30 Bushwick Avenue, the 2,081 square foot R7A-zoned site, was delivered vacant with plans approved for a five-story mixed-use elevator building comprising eight units, allowing a total of 7,180 square feet of buildable space. Situated on an irregularly sized piece of land, some challenges arose in marketing the site to very interested buyers, leading TerraCRG to contact owners of neighboring sites to assess whether they were willing to capitalize on the opportunity unique investment at your fingertips. At the time, the owners of 32 Bushwick Avenue were also considering their exit strategy and saw the value of collectively marketing the sites to a single developer.

Anthony Morena + Mortar Group purchased the two lots for a total purchase price of $5.45 million. 30 Bushwick Avenue, represented by TerraCRG, closed at $2.35M and 32 Bushwick Avenue, represented by Paula Manna of Compass, closed at $3.1M. Collective buildable square feet between the two sites is approximately 15,000 square feet, blending at a price per buildable square foot of $365.

“Our collaborative efforts with Compass have allowed us to work 30 and 32 Bushwick Avenue jointly,” Manasia said. “Joining forces made the project more feasible and ultimately added value to every owner.”

The site, located between Devoe and Ainslie streets, is a short walk from Graham Avenue and Grand Street (L) tube stations, which provide easy access to and from the creative hub of art galleries, music venues, of retail hallways and views of the Williamsburg waterfront. .

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