Lichtenstein of LichtensteinRE secures $775,000 sale of development site

Brooklyn, NY Andrew Lichtenstein, president of LichtensteinRE, sold the development site located at 3016 Brighton 5th St. in the Brighton Beach section of the borough, for the full asking price of $775,000 all-cash. This site is a 3,200 s/f lot containing a 4,480 s/f wood frame two-story two-family home plus garage. The sale price represents a bargain of only $110 per buildable s/f and $77,500 per unit if the buyers build 10 apartment units. For the developer buyer, it represents a total projected buildable s/f of 7,040 and a projected usable s/f of 6,054. The property was marketed exclusively by Lichtenstein who was the sole source that procured the buyers as well.