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**Bed-Stuy Development Site Trades for $10.8 Million**
Cushman & Wakefield has successfully closed the sale of a key development site in Brooklyn, located at 703 Myrtle Avenue in the Bedford-Stuyvesant neighborhood, for $10.8 million. The buyer, Abie Weiss, plans to develop a mixed-use residential property featuring both condominium and rental units.
The transaction was facilitated by Cushman & Wakefield’s team of Dylan Walsh, Jonathan Squires, Nick Kolbus, and Tyler Morss, who represented the seller, Jake Levy.
“This transaction highlights the value of professional representation in a complex and competitive market like New York City,” said Dylan Walsh. “The owners selected our team to lead a strategic sales process. Within weeks, we activated our extensive network and implemented a robust marketing campaign, ultimately achieving a sale price that represented a 6% premium compared to the broader market.”
The site spans a corner lot of approximately 8,620 square feet and includes 36,204 buildable square feet under the Mandatory Inclusionary Housing zoning regulations. This sale underscores continued investor interest in well-positioned development opportunities within the Brooklyn market.
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