Harry Spector Acquires Development Site At 645 4th Avenue Brooklyn For $2.9M With Nathan Horne Broker

The property involved in this transaction is a development site located at 645 4th Avenue in Brooklyn. The sale took place for a total price of $2,900,000. The site encompasses 15,977 buildable square feet, translating to a price per buildable square foot of $181. With a total square footage of 2,560, the price per square foot amounts to $1,132.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,900,000
• Buyer: Harry Spector
• Seller: Iris Mensana
• Broker: Nathan Horne - Compass
• Buildable Square Feet: 15,977
• Price per Buildable Square Foot: $181
• Square Feet: 2,560
• Price per Square Foot: $1,132

Nathan Horne represented the seller in this transaction. The broker successfully navigated previous challenges as the third broker to list the property, overcoming a prior asking price of $2.7 million. The effective marketing strategy, including outreach to neighbors and emphasizing the potential benefits from municipal zoning changes, resulted in receiving six offers between $2.8 million and $3 million, ultimately selecting a buyer who agreed to favorable terms.