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$5M for Brownsville Development Site

A local investor paid $5.6 million for a development site at 203 Sutter Ave. in the Brownsville neighborhood of Brooklyn.

“The buyer saw the value in acquiring an asset with approved plans and a 421A Tax Abatement in-place. Also, the low price per foot served as an additional incentive that was hard to bypass,” said Eli Shilian, associate for GFI Realty, who with Yisroel Pershin represented the seller. Sylvia Spielman of GFI represented the buyer.

The site has approved plans to develop a new building with 42 apartments. “The buyer’s mission is to acquire and develop residential and mixed-use properties in emerging neighborhoods in New York City. They aim to enhance neighborhoods and contribute unique properties to the city’s landscape, creating residences that people are proud to live in,” said Spielman.

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