The Landau Family Acquires Development Site In Downtown Brooklyn For $10M

The development site located at 182-188 Duffield Street in Downtown Brooklyn, Brooklyn was recently sold in a closed transaction. The property spans a total of 100,000 square feet and is classified as a development site. The sale took place on December 13, 2022, with a sale price of $10,000,000. The price per buildable square foot (PPBSF) was $100. The property is situated in the Downtown Brooklyn market, a vibrant and sought-after area for real estate.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $10,000,000
• Buyer: The Landau Family
• Brokers: Michael Salvatico, Shaun Riney, Robert Ferman, and Eric Anton - Marcus & Millichap

This transaction attracted the attention of various key individuals and companies involved in the deal. Leading the negotiations were brokers Michael Salvatico, Shaun Riney, Robert Ferman, and Eric Anton from Marcus & Millichap, representing the buyer, The Landau Family. They successfully closed the sale for their institutional client. The property presented a unique opportunity as it is encumbered with landmarked houses that date back to the 1800s and were associated with the Abolitionist movement. With their expertise and connections, the brokers were able to assemble resources that provided the buyer with multiple potential pathways to development. It is worth noting that this sale is the first of several 100,000 buildable square foot plus sites currently in contract in Downtown Brooklyn. Additionally, the broker is privately marketing 300,000 BSF on the Williamsburg Waterfront, offering an even larger development opportunity. For those interested in selling or purchasing a similar site, the broker can be contacted for further details.