New York & Tri-State + Outer | November 20, 2020

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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