Louis Lebovits Of BridgeCity Capital Acquires Development Site In Brooklyn For $3M

The property involved in the transaction is a development site located at 753-757 Washington Avenue in Brooklyn. The sale price was $3,000,000, translating to approximately $286 per buildable square foot for a total of 10,500 buildable square feet.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,000,000
• Buyer: Louis Lebovits - BridgeCity Capital
• Seller: Jerry Walsh
• Brokers: Jake Torre & Jason Grunberg - SAB Capital
• Buildable Square Feet: 10,500
• Price per Buildable Square Foot: $286

The transaction was facilitated by brokers Jake Torre and Jason Grunberg from SAB Capital, who were hired by the seller after years of advising them. The competitive marketing process attracted 21 written offers, ultimately leading to a deal with favorable terms from an active developer in Brooklyn.