NEW YORK, March 3, 2017 – On behalf of Li & Associates Development, LLC, Cushman & Wakefield has sold a corner 16,500-buildable-square-foot development site at 296-300 St. Nicholas Avenue in Bushwick, Brooklyn to 300 St. Nicholas, LLC. The all-cash transaction was valued at $4,500,000 or approximately $273 per buildable square foot. This metric represents the one of the area’s highest price per square foot for a land sale.
“This high pricing for price per buildable in Bushwick shows the continued desirability for quality product and the premium developers and investors are willing to pay for these better assets,” said Cushman & Wakefield’s Stephen Preuss who exclusively handled the transaction with DJ Johnston.
The residential development site boasts an impressive 175 feet of wraparound frontage on the southeast corner of Linden Street and St. Nicholas Avenue. Currently, the site houses a 5,416-square-foot building that was formerly operated as a multifamily building. The property sits within an R6 zoning designation and has a floor-to-area ratio of 2.20.
296-300 St. Nicholas Avenue benefits from close proximity to Bushwick’s vibrant art galleries, night life and dining options. It can be easily accessed via the M train at the Myrtle – Wyckoff Avenue station.
“The manageable scale, location to transit, and corner exposure made this site extremely attractive for developers. The seller is very pleased with our marketing results and the developer has a unique plan for the site, which we believe will complement the neighborhood well,” added DJ Johnston.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.