Leor Eli Acquires Development Site In Brooklyn From Workable City For $1.257M

The development site located at 1002 Sterling Place in Brooklyn was sold in a transaction involving a sale price of $1,257,000. The property spans 2,885 square feet, resulting in a price per square foot of $436. The buyer, Leor Eli, acquired the asset from the seller, Workable City. The building was delivered vacant and required significant renovation, making it an appealing investment opportunity.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $1,257,000
• Address: 1002 Sterling Place
• Market: Brooklyn
• SF: 2,885
• Buyer: Leor Eli
• Seller: Workable City
• Brokers: Peter Matheos & Isaiah Thomas - Matheos Realty Group

The sale of the property was facilitated by Peter Matheos and Isaiah Thomas from Matheos Realty Group. Notably, the transaction took place following the completion of the rental building at 991 St. Johns Place, which is situated directly behind the subject property. This unique detail showcases the strategic timing of the sale in relation to the adjacent development, potentially influencing the investment decision.