Horn, Kelly and Leary of CPEX broker $151,000 sale

Brooklyn , NY The CPEX Real Estate Development and Conversions team has arranged the sale of a development site located at 679 Quincy St. in the Bedford Stuyvesant neighborhood. The property featured a vacant lot with 5,500 buildable s/f. This was an all cash transaction with a sale price of $151,000, equivalent to $27.45 per buildable s/f. The Development and Conversions investment sales team of Alex Horn, Sean Kelly and Brian Leary represented the seller. The buyer is a local developer, and plans to build a four-story residential building on the site. CPEX was the sole broker in this transaction. "This transaction is a major milestone, reflecting that smaller local developers are actively purchasing land and doing infill development projects," said Leary. CPEX was founded in September 2008 by Timothy King and Brian Leary, two prominent leaders in the New York City commercial real estate industry. The principals have provided a broad range of real estate and business services locally, nationally and internationally. They provide a full range of services for both real estate and business owners, through their innovative operating platform and entrepreneurial culture. CPEX implements a team-based approach in which each group is focused on a specific business line, product type and definitive specialization for each market. Their services include sales, leasing, acquisitions and advisory.