CPEX's Leary, Kelly and Sendogular rep seller in $6.5 million sale of development site

CPEX Real Estate Services' development and conversion team has arranged the sale of a site located in Park Slope at 385-393 4th Ave. The site is currently vacant land and the sale included fully approved plans designed by architect Enrique Norton with a 421-A tax abatement in place. The 12,340 s/f lot is zoned R8-A residential with a C2-4 commercial overlay. The current plans call for 52 residential units totaling 60,580 s/f and 3,330 s/f of community-use space. The sale price was $6.5 million. The property sold for $103 per s/f on a buildable basis. CPEX's development and conversion team, consisting of managing partner Brian Leary, associate director Sean Kelly, Esq. and associate Cengiz Sendogdular represented the seller, 6th Street Development LLC, and the purchaser of this property, a N.Y. developer that focuses on building residential rental buildings. "Over the course of the seven months marketing period we received more than 20 offers on this site. Despite the lack of conventional construction financing this site commanded a great deal of interest, primarily because of its Park Slope location and because it is fully entitled and permitted; allowing the purchaser to commence construction immediately." Said Sean R. Kelly, Esq. "Demand for mid scale development projects has increased in recent months. It seems developments with all in costs under 50 million are able to tap into multiple sources for financing. It is clear that sites for residential rental development along main transportation arteries are in demand. There is a major movement in the national millennial population relocating to dense urban cities seeking employment and housing opportunities." Said Brian Leary About CPEX: CPEX was founded in September 2008 by Timothy D. King and Brian T. 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. We provide a full range of services for both real estate and business owners, through our 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. Our services include sales, leasing, acquisitions and advisory.