March 29, 2017
Brooklyn’s construction boom is spreading far from downtown. Developers paid $11.5 million for a site at 563-571 Ocean Ave., with 83,000 buildable square feet. The price implies a large project.
“Because of the residential expansion in the Flatbush and Prospect Park neighborhoods of Brooklyn, there is a strong demand for additional new construction housing supply,” said Richard Velotta, director with Meridian Investment Sales.
The site represents an opportunity to build both residential and commercial space. “The property’s desirable location, with over 120 feet of frontage on Ocean Avenue, makes this development a very attractive investment,” Velotta said.
Velotta recently joined Meridian from Cushman & Wakefield. Meridian partnered with DJ Johnston, a director with Cushman, to represent both the seller, a private investor, and the buyers, a partnership between Brookland Capital and New Empire Real Estate Development.
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