Vaynshteyn Family Acquires Bedford-Stuyvesant Development Site For $3.75M

A development site located at 48 Somers Street in Bedford-Stuyvesant has been sold for $3,750,000. The property spans 38,259 square feet, with a price per buildable square foot (PPBSF) of $98. The buyer of the property is the Vaynshteyn Family, while the seller is Chaim Levi.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $3,750,000
• Address: 48 Somers Street
• Market: Bedford-Stuyvesant

The deal was facilitated by a team of brokers, including Jacob Stavsky from Stav Equities LLC, Andrew Levine, Josh Lipton, and Jax Hindmarch from Invictus Property Advisors.

This opportunity zone development site has already completed 50% of the foundation and 90% of the underpinning. It is also eligible for the 421A tax exemption. According to the approved plans, the site has a buildable square footage (BSF) of 38,259. This includes 27,692 square feet for residential use, 4,872 square feet for commercial use, and 5,696 square feet for a community facility.