Vaynshteyn Family Acquires Bedford-Stuyvesant Development Site For $3.75M | 48 Somers Street | Josh Lipton, Jacob Stavsky, Andrew Levine, Jax Hindmarch | Development Site | Sale

Summary

Sale

NEW YORK

Development Site

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.

Players

All
6

Agents
4
Agencies
2

$125.2M Sold

$126.3M Sold

$113.7M Sold

$25.4M Sold

Details

Deal Summary

SOLD

IMAGE: Jacob Stavsky, Josh Lipton, Andrew Levine & Jax Hindmarch DATE: 03/24/2023 ADDRESS: 48 Somers Street MARKET: Bedford-Stuyvesant ASSET TYPE: Development Site BUYER: Vaynshteyn Family SELLER: Chaim Levi BROKERS: Jacob Stavsky (@Stav_Equities) - Stav Equities LLC, Andrew Levine, Josh Lipton & Jax Hindmarch - Invictus Property Advisors (@Invictuspropertyadvisors) SALE PRICE: $3,750,000 BSF: 38,259 ~ PPBSF: $98 NOTE FROM BROKER: Opportunity zone development site with 50% of the foundation and 90% of the underpinning completed. The site is 421A eligible. Of the 38,259 BSF on the approved plans, the breakdown was as follows: 27,692 SF for residential use, 4,872 SF for commercial use, and 5,696 SF for a community facility.

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Address48 Somers Street

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