Investors paid Li & Associates Development $273 per buildable square foot ,or $4.5 million, for a development site in the Bushwick neighborhood of Brooklyn.

“This high pricing for price per buildable ‎in Bushwick shows the continued desirability for quality product,” said Stephen Preuss, senior managing director in the Capital Markets Group of Cushman & Wakefield, who exclusively handled the sale of 296-300 St. Nicholas Ave.

The new owner, “300 St. Nicholas, LLC,” can build the corner site out to 16,500 square feet of residential space, according to its “R-6” zoning. The site comes with 175 feet of street frontage on the southeast corner of Linden Street and St. Nicholas Avenue. Currently, a vacant, 5,416-square-foot apartment building stands on the land.

The site is close to Bushwick’s vibrant art galleries and night life.

For comments, questions or concerns, please contact Bendix Anderson

Subscribe to Connect Daily New York