Yitzchok Schwart Purchases Development Site At 599 Willoughby Avenue Brooklyn For $4.7M

The property asset involved in this transaction is a development site located at 599 Willoughby Avenue in Bedford Stuyvesant, Brooklyn. The sale price for this asset was $4,700,000, with a total building square footage of 12,000, resulting in a price per building square foot of $392. Additionally, the site features 8,175 square feet of usable space, which corresponds to a price per square foot of $575.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,700,000
• Building Square Footage: 12,000
• Price per Building Square Foot: $392
• Usable Square Footage: 8,175
• Price per Square Foot: $575
• Buyer: Yitzchok Schwart
• Market: Bedford Stuyvesant, Brooklyn

The transaction was facilitated by Yitzchok Schwartz, who purchased the property through Broadway Estates II LLC as part of a bankruptcy sale, with plans for ground-up development on the site.