Galaxy Development Acquires Development Site In Park Chester For $975,000

A development site located at 1347-1349 Commonwealth in the Park Chester market has been sold for $975,000. The property, with a lot size of 3,800 square feet and a zoning classification of R5, offers a buildable square footage (BSF) of 6,000 at a price per buildable square footage (PPBSF) of $162. The sale transaction took place on February 24, 2022.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $975,000
• Market: Park Chester
• Address: 1347-1349 Commonwealth
• Zoning: R5

Galaxy Development is the buyer of the property, while AK Development Corp., represented by Al Kolenovic, acted as the seller. The lot dimensions are 38x100, and the property falls under tax class 4. The permitted use for the property is New Building (NB) 2022, and the floor-to-area ratio (FAR) is 1.33. The previous owner of the property, Al Kolenovic, purchased it for $540,000 in April before completing the foundation work and selling it at the current price. For off-market development opportunities, Al Kolenovic can be reached via email at [email protected].