TF Cornerstone Acquires Development Site At 57 West Street & 24 Oak St For $175M

This development site, located at 57 West Street & 24 Oak St in Brooklyn, was sold for a transaction amount of $175,000,000. The site encompasses 1,000,000 square feet with a price per buildable square foot (PPBSF) of $175, and it features a total square footage of 196,000, with a price per square foot (PPSF) of $893.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $175,000,000
• Buyer: TF Cornerstone
• Seller: Jack Guttman
• Brokers: David Junik, Decio Baio & Danny Tack - Pinnacle Realty of New York
• BSF: 1,000,000
• PPBSF: $175
• SF: 196,000
• PPSF: $893

The transaction was brokered by David Junik, Decio Baio, and Danny Tack from Pinnacle Realty of New York. The note from the broker highlights the significance of this residential development site in Greenpoint, which will be one of the first to utilize the new 485X regulations, indicating a strategic move to capitalize on prime location advantages.