Joel Waldman Acquires Development Site In Bedford-Stuyvesant, Brooklyn For $3.7M

Located in the desirable neighborhood of Bedford-Stuyvesant, Brooklyn, a development site at 88-90 Tompkins Avenue has been sold for a price of $3,700,000. The transaction was finalized on 12/30/2021, and it involved the buyer Joel Waldman and seller Jose Jorge. The property, with a lot size of 42.5 ft x 90 ft, offers a great opportunity for development. With a zoning of R7D/C2-4, there is a potential for creating a significant buildable square footage of 16,065 square feet. The purchase price per buildable square footage is $230, making this an attractive investment opportunity.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $3,700,000
• Market: Bedford-Stuyvesant, Brooklyn
• Zoning: R7D/C2-4
• Buyer: Joel Waldman
• Seller: Jose Jorge
• BFS: 16,065
• PPBSF: $230
• Lot Size: 42.5 ft x 90 ft

The deal was facilitated by brokers Jonathan Berman and Dov Chein, representing Ariel Property Advisors. Their expertise and guidance played a crucial role in completing the transaction successfully. This sale presents a promising opportunity for the buyer and opens doors for potential development. It demonstrates the strong demand for development sites in the Bedford-Stuyvesant area, making it an enticing market for investors and developers alike.