Carmel Partners Acquires Development Site On Crown St In Brooklyn For $40M

The development site at 46 Crown St, Brooklyn, NY, 11225, was sold for $40,000,000.00. The property includes a vacant lot where a 390-unit rental building could be constructed pending rezoning approval. The site was previously owned by Isaac Hager’s Cornell Realty Management and was sold to Carmel Partners to facilitate the development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $40,000,000.00
• Market: Brooklyn
• Seller's Rep: Lipa Lieberman (Meridian Capital Group)
• Buyer: Carmel Partners
• Address: 46 Crown St, Brooklyn, NY, 11225

Carmel Partners, a San Francisco-based firm, acquired the development site at 46 Crown Street for a little over $40 million. The purchase allows them the opportunity to construct a 390-unit rental building on the vacant lot pending approval of a controversial rezoning application. Additionally, Lipa Lieberman from Meridian Capital Group represented the seller, Isaac Hager, in this transaction.