Brooklyn, NY GFI Realty Services, LLC has completed the $5.6 million sale of 203 Sutter Ave., a development site located in the Brownsville section. The parcel has a total of 57,648 buildable s/f, with approved plans to construct a 42-unit residential building.
GFI Realty associate director Yisroel Pershin and associate Eli Shilian represented the seller of the site, which is situated on the northwest corner of Sutter Ave. and Thomas S. Boyland St., surrounded by single-family and two-family homes, as well as low-level multifamily apartment buildings. Sylvia Spielman, also of GFI, represented the buyer. Both the buyer and seller are local investors.
“The buyer saw the value in acquiring an asset with approved plans and a 421A Tax abatement in-place,” said Shilian. “Also, the low price per ft. served as an additional incentive that was hard to bypass.”
Spielman said, “The buyer’s mission is to acquire and develop residential and mixed-use properties in emerging neighborhoods in NYC. They aim to enhance neighborhoods and contribute unique properties to the city’s landscape, creating residences that people are proud to live in.”
There have been key indicators that Brownsville is on the rise, including a steady increase of new developments in Brownsville, as well as calls from government officials to study the creation of additional mixed-use and affordable housing in this submarket.
The site is conveniently located just a short walk away from the 2, 3, 4 & 5 subway lines.