Cushman & Wakefield arranges $10.8 million sale of mixed-use development site to Weiss for Levy

Brooklyn, NY Cushman & Wakefield negotiated the sale of a development site located at 703 Myrtle Ave. for $10.8 million. Representing one of the most compelling mixed-use development opportunities in the area. The site was acquired by Abie Weiss, who plans to develop a mix of condo and rental units on the site.

Cushman & Wakefield’s Dylan Walsh, Jonathan Squires, Nick Kolbus, and Tyler Morss led the transaction on behalf of the seller, Jake Levy.

“This transaction highlights the value of professional representation in a complex and competitive market like New York City,” said Walsh. “The owners chose our team to spearhead a strategic approach to selling this site. Within weeks, we tapped into our extensive network and executed a robust marketing strategy, resulting in a final sale price that achieved a 6% premium over the broader market.”

Squires said, “The deal underscores robust opportunities for mixed-use development in Brooklyn, with the site’s flexibility appealing to a wide range of investors. This corner lot is in a vibrant and growing market, and provides exceptional potential for residential, retail, or mixed-use projects.”

The corner lot spans 8,620 s/f with 36,204 buildable s/f (BSF) under the Mandatory Inclusionary Housing (MIH) zoning district.