Global commercial real estate advisory firm Newmark is pleased to announce that it has been retained as the exclusive agent for the sale of a 10,761 square-foot lot located at 2390-2400 Pitkin Avenue (2400 Pitkin Avenue) in East New York, Brooklyn. An Newmark team led by Vice Chairman Brian Ezratty is representing the seller of the property.
The site is zoned primarily for residential use, including a mandatory inclusionary housing component, plus ground floor commercial space and is ideal for a developer well-versed in affordable housing construction. There is also the potential for a zoning floor area bonus if the developer leases a significant portion of the ground floor space to a fresh produce purveyor.
The 2400 Pitkin Avenue site is easily accessible from the MTA’s A, C, J, 2, 3 and 4 subway lines and provides easy access to Downtown Brooklyn, Williamsburg and Manhattan. The lot’s location within a Transit Zone also allows a prospective purchaser to mitigate onsite parking requirements typically enforced on developments within this zoning designation.
“We’re excited to be involved with a property that offers the ability to greatly benefit the community as well as the investor,” said Ezratty. “As the revitalization of East New York is now in full swing, the purchaser of the site will participate in the resurgence of this transit-oriented district. The developer will realize the benefits of the improving submarket through the construction of new market rate apartments while providing for much needed affordable housing in the area at the same time. It can be a win-win for both landlords and tenants.”
The asking price for the property is $5,250,000.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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