Marcus & Millichap arranges sale of Brooklyn development site for $5.25 million

Brooklyn, NY Marcus & Millichap sold 101-103 Luquer St., a vacant development site in the Carroll Gardens neighborhood for $5.25 million.

“At $503 per buildable s/f, this transaction sets a record price for Carroll Gardens and reflects the continued strength of Brooklyn’s condominium market,” said Jesse Kay of the Nowak Group of Marcus & Millichap in New York City. “Well-located residential condo development sites are in high demand, and we are seeing sustained competition from developers across Brownstone Brooklyn. With limited supply, transactions like this continue to push land values higher across the neighborhood.”

Kay and Jakub Nowak of Marcus & Millichap represented the seller and procured the private buyer.

The single-story building is located between Henry and Clinton Sts. The 5,217 s/f lot is zoned R6B and offers 10,434 buildable s/f, supporting condominium, townhouse or rental development. The property features more than 50-ft. of frontage and is five blocks from the Carroll St. and Smith–Ninth St. F and G subway stations.