Two multifamily development sites in Brooklyn were sold for $7 million. The properties, located at 962 and 976 Bushwick Ave., constitute a 421a development site with plans for two seven-story multifamily buildings totaling 53 units. Names of the buyer and seller were not disclosed.
The sale, handled by Shaun Riney and Michael Salvatico from Marcus & Millichap’s Manhattan office, involved navigating the complexities of the 421a development. The duo managed to secure private investors as both the sellers and buyers.
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.