$13M for Development Site in Ocean Hill

Investors paid $12.8 million for a 20,000-square-foot development site at 1508 Herkimer St. in the Ocean Hill neighborhood of Brooklyn.

“The acquisition of 1508 Herkimer Street will prove to be a smart investment for the buyer. The Ocean Hill section of Brooklyn was part of a recent rezoning, and there is much encouragement to develop in the area,” said Neil Dolgin of Kalmon Dolgin Affiliates (KDA). Allison Chambers of KDA represented the buyer, 1508 Herkimer LLC. Robert Klein of KDA represented the seller, Van Herk Realty.

The buyer plans on building a four-story office building on the site, to be occupied by a city agency that was looking for more space. The city agency, a tenant of the building across the street which is also owned by the buyer, was looking for local space to expand into. Office developers are looking at potential development in Brooklyn neighborhoods like Brownsville.

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