Cushman & Wakefield sells 13,520 s/f development site at 207 Fifth Ave. for $6.45 million

Brooklyn, NY Cushman & Wakefield has arranged the sale of a 13,520 s/f development site with approved plans for a 20,504 s/f mixed-use property located at 207 Fifth Ave. in the Park Slope neighborhood. The final sale price was $6.45 million.

Cushman & Wakefield’s Daniel O’Brien, Caroline Hodes, Loren Valla and Jack McGuffog represented the seller, Urban Standard Capital, and procured the buyer, Red Rock Investments.

“207 Fifth Ave. presented investors with the unique opportunity to acquire a development site with approved plans on a prominent retail corner in the coveted Park Slope neighborhood,” said O’Brien. “The property’s location provides access to the surrounding neighborhood amenities including Prospect Park and the Union St. R train station.”

The property has approved plans for a 20,504 s/f mixed-use condo development consisting of seven residential units and a ground floor retail space. The asset features 129 ft. of frontage on Fifth Ave. and Union St.

207 Fifth Ave. is located one block from the R train at Union St., allowing for a 15-minute commute to downtown Manhattan.