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Residential

TerraCRG & Compass Sell $5.45M Neighboring Residential Development Sites in East Williamsburg

TerraCRG, Brooklyn’s leading commercial real estate brokerage firm, has closed on the $2,350,000 sale of 30 Bushwick Avenue, a residential development site in East Williamsburg. TerraCRG Partner Daniel Lebor and Associate Andrew Manasia exclusively represented the seller and buyer on this deal. 

30 Bushwick Avenue, the R7A zoned, 2,081-square-foot site, was delivered vacant with approved plans for a five-story mixed-use elevator building featuring eight units, allowing for a total of 7,180 buildable square feet. Situated on an irregular sized lot, some challenges arose when marketing the site to highly interested buyers, which led TerraCRG to reach out to neighboring site owners to gauge if they were willing to capitalize on the unique investment opportunity at hand. At the time, the owners of 32 Bushwick Avenue were also considering their exit strategy and saw the value in collectively marketing the sites to a single developer.

Anthony Morena + Mortar Group bought both lots for a total purchase price of $5.45M. 30 Bushwick Avenue, represented by TerraCRG, closed at $2.35M and 32 Bushwick Avenue, represented by Paula Manna from Compass, closed at $3.1M. The collective buildable square feet between both sites is approximately 15,000 square feet, blending to a price per buildable square foot of $365.

“Our collaborative efforts with Compass allowed us to work 30 & 32 Bushwick Avenue in conjunction with one another,” said Manasia. “Joining forces made the project more feasible and in the end, brought added value to each property owner.”

The site, located between Devoe and Ainslie Streets, is a short walk from the Graham Avenue and Grand Street subway stations (L), which provide easy access to and from Williamsburg’s creative hub of art galleries, music venues, retail corridors, and waterfront views.

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