Ariel Property Advisors Sells Stalled Development Site In Bushwick For $1.8M

The property asset involved in this transaction is a development site located at 313 Linden Street in the Bushwick market. The sale price was set at $1,800,000, with a price per buildable square foot of $280. The site is approximately 60% complete and had been exposed to the elements for close to four years, resulting in its poor condition.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $1,800,000
• Address: 313 Linden Street
• Market: Bushwick
• Asset Completion: Approximately 60%
• Exposure Duration: Close to 4 years
• PPBSF: $280
• Brokers: Benjamin Vago & Sean R. Kelly - Ariel Property Advisors

This transaction was facilitated by an Ariel Property Advisors team led by Ben Vago, which successfully closed on the stalled development site. The marketing process generated over 15 offers for the property, indicating a robust interest despite its prior condition.