Mike Sherry Purchases Development Site From Russ Fedele In Brooklyn For $8.75M

A development site located on Osborn Street in Brooklyn has been sold for $8,750,000. The asset encompasses a total built square footage of 105,150, translating to a price per built square foot of $83. The site also features a total square footage of 6,316, with a price per square foot of $1,385.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $8,750,000
• Buyer: Mike Sherry
• Seller: Russ Fedele
• Broker: Nathan Horne - Compass
• BSF: 105,150
• PPBSF: $83
• SF: 6,316
• PPSF: $1,385

Nathan Horne of Compass represented the broker in the transaction, guiding the deal through a unique three-step process that involved addressing complications with HPD regarding the property's appraised value. Horne coordinated meetings with HPD officials and collaborated with Charles Alwakeel to devise a solution that facilitated the funding for the sale.