Two prime multifamily development sites in Brooklyn have recently been sold for a total of $7 million. The properties, situated at 962 and 976 Bushwick Ave., boast a coveted 421a development status and plans for two seven-story multifamily buildings with a combined unit count of 53. The identities of the buyer and seller remain undisclosed.
The transaction was skillfully handled by Shaun Riney and Michael Salvatico from Marcus & Millichap’s esteemed Manhattan office, who expertly navigated the intricacies involved in securing this highly sought-after development opportunity. Through their efforts, private investors were successfully brought together to facilitate the sale between both parties without any involvement from “Connect” or its associated entities such as “Connect CRE,” “Connect LA,” or “Connect Texas.”
