Leary and Kelly of CPEX negotiate $1.14 million sale of 5,138 s/f development site

CPEX Real Estate Service's Development and Conversion team has arranged the sale of a development site located in East Williamsberg at 58 Bushwick Ave. The sale included fully approved plans for the site. The 5,138 s/f vacant lot has plans that call for a 16-unit residential building with 18,543 s/f of buildable FAR and ground floor parking for eight cars. The site has a 421-A tax abatement in place. The sale price was $1.14 million. The property sold for $221.87 per s/f based on land and $61.47 on a buildable s/f basis. CPEX's Development and Conversion team, consisting of managing partner Brian Leary and associate director Sean Kelly represented the seller, a private owner. The buyer of this property is a local developer who focuses on residential projects in the Williamsburg market. "During the marketing of 58 Bushwick, we received 10 offers within a two month period, 7 all cash, and the site sold to an experienced developer who was able to close in two weeks," said Kelly. "This project received a great deal of attention because it was appropriately priced, is located in a solid rental market, came with approved plans and qualified for 421-A, allowing the buyer to immediately resume construction. With the credit markets creeping back, albeit slowly, developers are seeking to fill the pipeline for the next five to ten years." "Demand for small to midsize development sites in the outer-boroughs has increased significantly in recent months," said Leary. "Sites that have been stalled and have approved plans with tax abatements in place are particularly attractive. Lack of inventory for larger scale projects has created demand for these smaller sites that are shovel ready and at a dollar value where developers can self fund the entire project. It appears developers are getting back to fundamentals where transactions, large or small, are economically driven and based on current market activity and not unrealistic future projections." 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 managing partners have provided a broad range of real estate and business services locally, nationally and internationally. CPEX provides 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. Real Estate Services include: sales, leasing, acquisitions and advisory. Business Services include: sales, acquisitions and advisory.