March 6, 2017 Comments Off on High Price for Bushwick Development Site Views: 170 New York News, Outer Boroughs New York

High Price for Bushwick Development Site

Investors paid Li & Associates Development $273 per buildable square foot ,or $4.5 million, for a development site in the Bushwick neighborhood of Brooklyn.

“This high pricing for price per buildable ‎in Bushwick shows the continued desirability for quality product,” said Stephen Preuss, senior managing director in the Capital Markets Group of Cushman & Wakefield, who exclusively handled the sale of 296-300 St. Nicholas Ave.

The new owner, “300 St. Nicholas, LLC,” can build the corner site out to 16,500 square feet of residential space, according to its “R-6” zoning. The site comes with 175 feet of street frontage on the southeast corner of Linden Street and St. Nicholas Avenue. Currently, a vacant, 5,416-square-foot apartment building stands on the land.

The site is close to Bushwick’s vibrant art galleries and night life.

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