New York & Tri-State + Outer + Apartments | May 16, 2022

Neighboring Development Sites Find Single Buyer in East Williamsburg

TerraCRG and Compass jointly arranged the sale of two neighboring development sites in Brooklyn’s East Williamsburg neighborhood for $5.45 million. Anthony Morena + Mortar Group bought 30 Bushwick Ave. for $2.35 million and 32 Bushwick Ave. for $3.1 million.

When some challenges arose in marketing 30 Bushwick, an irregular-sized lot with approved plans for a five-story mixed-use elevator building, TerraCRG’s Daniel Lebor and Andrew Manasia reached out to neighboring site owners to gauge if they were willing to capitalize on the unique investment opportunity at hand.

At the time, 32 Bushwick’s owners, represented by Paula Manna from Compass, saw the value in collectively marketing the sites to a single developer.

“Our collaborative efforts with Compass allowed us to work 30 & 32 Bushwick Avenue in conjunction with one another,” said Manasia. “Joining forces made the project more feasible and in the end, brought added value to each property owner.”

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Inside The Story

TerraCRGCompass' Manna

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).