Josh Navi Purchases Development Site At 1556-1560 Pacific Street Brooklyn From Alan Berg For $2.4M

The asset involved in the transaction is a development site located at 1556-1560 Pacific Street, Brooklyn. The sale price was $2,400,000, with a buildable square footage of 14,146, resulting in a price per buildable square foot of $169.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,400,000
• Location: 1556-1560 Pacific Street, Brooklyn
• Buyer: Josh Navi
• Seller: Alan Berg
• Brokers: Jason Grunberg & Jake Torre - SAB Capital
• BSF: 14,146
• PPBSF: $169

The transaction was facilitated by brokers Jason Grunberg and Jake Torre from SAB Capital, who represented the seller, Alan Berg. Notably, the deal stemmed from a long-standing client relationship. The property had faced zoning issues impacting its use, prompting the sale, which received significant interest, evidenced by 12 written offers within four weeks of marketing.