Ferreira Family Sells Development Site For $7.5M In Fort Greene, Brooklyn

Located at 340 Myrtle Avenue in Fort Greene, Brooklyn, this development site was recently sold in a closed transaction. The property spans an area of 33,032 square feet and features a zoning classification of R7A, C2-4. The asset type is a development site, indicating its potential for future construction and expansion.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $7,500,000
• Address: 340 Myrtle Avenue
• Market: Fort Greene, Brooklyn
• Zoning: R7A, C2-4

The seller of this property was the Ferreira Family. Assisting the ownership in this transaction were brokers Brandon Thomas, Scott Dweck, and Jeff Karp from Latitude Property Group. Their expertise in investment sales, joint ventures, ground leases, and recapitalizations proved instrumental in the successful sale.

A notable aspect of this deal is the long history of the property being family-owned, spanning three generations. Latitude Property Group played a crucial role in enabling the ownership to secure a developer and form a joint venture to maximize the property's potential. The upcoming development plans involve utilizing the 33,032 square feet to its highest and best use.

For further opportunities or inquiries, you can reach out to the representatives from Latitude Property Group:

• Brandon Thomas: Email - [email protected], Phone - 516-680-5777
• Scott Dweck: Email - [email protected], Phone - 201-659-3000
• Jeff Karp: Email - [email protected], Phone - 917-538-1172