Newmark Knight Frank (NKF) announces it has been retained exclusively to arrange for the sale of a substantial development site at 725 Myrtle Avenue in the Bedford-Stuyvesant neighborhood of Brooklyn. NKF’s Vice Chairman Brian Ezratty is representing the sellers in marketing the 113,218 gross buildable square-foot site.
The property consists of 16,167 square feet of land at the corner of Myrtle Ave and Sandford Street giving it a full 162 feet of retail frontage along the Myrtle Avenue commercial thoroughfare, plus an additional 100 feet of frontage along Sandford Street.
“One distinct advantage for prospective buyers of 725 Myrtle Avenue is that current ownership has already completed a major portion of the pre-development phase,” said Ezratty. “They’ve invested significant time and resources into assembling the contiguous land parcels and produced a full set of plans in collaboration with a prominent New York architect.” The site will include 25% affordable housing (mandatory) and the seller is providing bonus residential square footage under the FRESH program as part of the deal.
The seller has received all approvals for residential development at the site and the plans will be delivered in conjunction with a sale. The ultimate developer is therefore afforded tremendous efficiency in beginning the construction phase, completing the building and then offering the completed residential and retail space to end-users in the market.
According to NKF Research there is faster rental growth in Bedford-Stuyvesant in the past 5 years combined with limited construction activity — only 178 units are expected to be delivered until 2023. This has created a more favorable development opportunity for new product in the neighborhood.
Located a short two-block walk from four separate G-Line subway stations at Myrtle- Willoughby, Bedford-Nostrand, Flushing Avenue and Classon Avenue, the Property is at the center of all public transportation providing direct access to Downtown Brooklyn, Williamsburg, Greenpoint, Long Island City and Manhattan.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), 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, NKF’s 18,800 professionals operate from approximately 500 offices on six continents. NKF’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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