SG NY Capital Acquires Development Site On Bushwick Avenue For $7M

Two adjacent lots on either side of a church in Bushwick, Brooklyn have been sold for a total of $7,000,000. The buyer, Shimon Greenfeld of SG NY Capital, acquired the development site from the seller, Royalton Capital. The property, located at 962 & 976 Bushwick Avenue, is a 421a approved site with DOB approved plans for the construction of two seven-story multifamily buildings. The sale price equates to a price per buildable square foot (PPBSF) of $171, with a total buildable square footage (BSF) of 40,922. This transaction was facilitated by brokers Shaun Riney, Michael Salvatico, and John Lopez of Marcus & Millichap.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $7,000,000
• Buyer: Shimon Greenfeld - SG NY Capital
• Seller: Royalton Capital
• Brokers: Shaun Riney, Michael Salvatico & John Lopez - Marcus & Millichap
• Address: 962 & 976 Bushwick Avenue
• Market: Bushwick, Brooklyn
• BSF: 40,922
• PPBSF: $171

This transaction marks a significant opportunity for the buyer to develop two multifamily buildings within the vibrant neighborhood of Bushwick. The property's 421a approval ensures potential tax benefits for the future development. Special thanks are extended to the seller's legal counsel, Robert Brusco of Hunton Andrews Kurth LLP, for facilitating a smooth transaction. For further inquiries about this deal, interested parties can contact John Lopez at 914.806.4921.