News:
Brokerage
Posted: August 16, 2016
Ross and Stryker of Highcap close $3.55 million sale of Bedford-Stuyvesant development site
Brooklyn, NY Larry Ross, managing partner of Highcap Group and Larry Stryker, an associate broker, have closed the $3.55 million sale of 1247-1253 Atlantic Ave. in the Bedford-Stuyvesant neighborhood. The 50’ x 167’ lot is located within steps to the A and C subway lines and LIRR. The development site, zoned C4-5D, has been approved for a 32,500 s/f, 40-unit free market rental building with retail. Amenities will include a gym and roof top lounge.
Ross said “That the burgeoning Nostrand to Herkimer St. corridor just north of Atlantic Ave. has been a hotbed of activity over the last couple of years with several development sites trading hands and retail rents spiking.”
Stryker said, “New projects are seeing residential apartments rent in the $50-$65 price per s/f range which reflects the increase in demand for quality rental projects in this neighborhood.” The property had been in the family for close to 30 years.
Highcap represented both the buyer and seller in this transaction.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
 (2).gif)
Columns and Thought Leadership
Positive forecast for New York’s pro-housing push? - by Philip Butler
New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt
Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
A guide to finding the right NYC property management company - by Sanjay Gandhi
Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
.gif)
September Promotion
