Brooklyn, NY Erik Rodriguez of Rodriguez Commercial Realty sold a development site in the Flatbush neighborhood.
The sale price was $2 million.
The corner lot, located at 2700-2704 Church Ave., (aka 821-831 Rogers Ave.) is 38 ft x 100.17 ft zoned R6, C2-3 allowing 16,466 buildable s/f and plans have been submitted for a six story, mixed-use building comprised of 16 units with a community facility and retail component, the buyer also has considered keeping the existing structure and leasing out the spaces.
The buyer was 2700 Church Realty LLC, and the seller was the Francis Family. Rodriguez was the sole broker.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,