CPEX sells 7,453 buildable s/f development site for $900,000

The CPEX N.Y. development and conversion investment sales team completed the sale of a development site located at 190-192 East 5th St. The 6,000 s/f site is zoned R5/OP, permitting 7,453 s/f of buildable residential space "as of right." The site comes with approved plans for two three-family residences. The sale price was $900,000. CPEX's development and conversion team, consisting of managing partner Brian Leary, managing director Sean Kelly, Esq., associate director Cengiz (Jay) Sendogdular and associate Matthew Dzbanek, represented the seller, a private partnership, in this transaction. CPEX also procured the purchaser, a private developer. "Kensington is a historically stable neighborhood with a diverse residential community," said Kelly. "The site drew a lot of attention because of its proximity to Prospect Park and the F and G trains at the Fort Hamilton Station. Equally as important, with approved plans the purchaser will be able to break ground immediately. We received several offers from developers unfamiliar with this market simply because the project was ready to go. We are seeing record breaking prices for smaller development sites in Brooklyn, and premiums for sites with approved plans." Sendogdular said, "As an added bonus, the sellers filed plans prior to the implementation of the special Ocean Parkway zoning district. The new OP Special District zoning resolution would have limited the floor area ratio on the development due to increased front and rear yard requirements on the properties' irregular shape."