Development Package Trades in Bushwick
A development package site with 82,000 buildable square feet across three clusters has sold for $14 million in Brooklyn’s Bushwick neighborhood. B6 Real Estate Advisors handled the sale.
The buyer, Michael Wittow in partnership with The Horizon Group, plan to bring 120 residential units across four buildings to this pocket of Bushwick. The deal –unusually large for this area—closes at a time when rental rates in Bushwick have outpaced many Brooklyn neighborhoods, while multifamily values have remained significantly lower by comparison.
A B6 team of DJ Johnston, William Cheng, Michael Murphy and Ben Rechler represented the seller. The team was originally hired in 2012, and thus experienced an entire cycle within a single listing. The activity along the way has given the team a firsthand look at how developers approached land over the past eight years.
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