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
Investment Property Realty Group closes $2.175 million sale of 247 Leonard St.
Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 247 Leonard St., a multi-family building located in the Williamsburg section of the city, for $2.175
Quick Hits
Columns and Thought Leadership
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
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.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
.gif)
August Promotion
