Ariel Property Advisors Sells Stalled Development Site In Bushwick For $1.6 Million

The asset involved in this transaction is a stalled development site located at 1216 Putnam Avenue in the Bushwick market. The property was sold for a price of $1,600,000, covering a total area of 4,836 square feet, which results in a price per square foot of $330. The development site was approximately 70% complete but had deteriorated due to exposure to the elements.

Summary of transaction details:

• Property Type: Stalled Development Site
• Transaction Amount: $1,600,000
• Address: 1216 Putnam Avenue
• Market: Bushwick
• Building Square Footage: 4,836
• Price per Square Foot: $330
• Broker Representatives: Benjamin Vago & Sean R. Kelly - Ariel Property Advisors

The transaction saw a team from Ariel Property Advisors, led by broker Benjamin Vago, successfully navigate a thorough marketing process that resulted in 15 offers for the property. This deal reflects the proficiency of the team in handling properties in challenging conditions.