Edelkopf and Weingarten of Itzhaki Properties arranges $900,000 sale of development opportunity in Brooklyn

Itzhaki Properties, a full-service commercial investment brokerage firm, arranged the sale of a development opportunity located at 1144 DeKalb Ave., between Bushwick Ave. and Broadway, in the Bushwick neighborhood. Yona Edelkopf, CEO of Itzhaki Properties, and his associate Nachman Weingarten brokered the off-market deal for $900,000. The 2,421 s/f, two-story building will be delivered vacant. The buyer purchased the property as a development opportunity and has approved plans to build up a floor in order to convert the building into an eight-family apartment building. The lot has a total of 5,883 s/f of development rights. "Bushwick is a neighborhood in transition and developers are jumping at the chance to build here," said Edelkopf. "The area has really come to life over the past seven years or so. Rental prices in Williamsburg are nearing Manhattan prices, which has influenced many people to move to Bushwick, and has ultimately helped to raise the local market value." Bushwick, Brooklyn is located just south of Williamsburg and also borders on Brownsville, Bedford-Stuyvesant and Ridgewood, Queens. 1144 DeKalb Avenue offers easy access to Manhattan and is located near the Kosciuscko Street station of the J subway train and a few short blocks from the Central Avenue station of the M subway train.