CAVU Property Group has acquired a corner development site at 2251 Nostrand Avenue in Brooklyn for $12.8 million. The property, owned by The Jackson Group, offers 75,000 buildable square feet and up to 91,969 square feet with a community facility. Ariel Property Advisors served as the lead broker with a team led by Sean Kelly, Lawrence Sarn and Shimon Shkury.
Kelly noted that Central Brooklyn has become an attractive residential marketplace for developers due to its ease of underwriting rental projects. He added that they received more than twelve offers for this particular site which highlights how developers are now looking farther into Brooklyn along transit hubs such as this one. Furthermore the absence of Mandatory Inclusionary Housing (MIH) allows allowable affordable rents to be set at 130% of AMI or Area Median Income level making it even more appealing from an investment standpoint .
