CAVU Property Group Buys Brooklyn Development Site for $13M
CAVU Property Group has acquired a corner development site at 2251 Nostrand Avenue in Brooklyn for $12.8 million. The property, owned by The Jackson Group, offers 75,000 buildable square feet and up to 91,969 square feet with a community facility.
Ariel Property Advisors served as the lead broker with a team led by Sean Kelly, Lawrence Sarn, and Shimon Shkury.
“Central Brooklyn has emerged as a strong residential marketplace where developers have an easier time underwriting rental projects,” Kelly said. “We received more than a dozen offers for this site, which illustrates how developers today are now looking farther into Brooklyn along transit hubs. The site also was attractive because it isn’t in a Mandatory Inclusionary Housing (MIH) area, therefore, allowable affordable rents are 130% of AMI.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.