BK Developers and RYBAK Development Acquire 33,750 BSF Mixed-Use Development Site in Brooklyn
Cushman & Wakefield’s Brendan Maddigan exclusively arranged the sale of a mixed-use development site at 88 Withers Street on behalf of Withers 88 Group, LLC, led by Christian Pompa of Caro Enterprises. The all-cash transaction was valued at $11,500,000 or $340 per buildable square foot. The purchasers were BK Developers and RYBAK Development. This transaction marks Maddigan’s ninth local land sale in 2016 with several more slated to close in the near future.
“The amount of land deals we’ve executed for high prices is a solid indication of the market’s stamina, regardless of navigating the current challenges,” said Maddigan.
The 125’ by 100’ corner development site was delivered with approved plans for a 39,000-square-foot mixeduse building comprised of 33 residential units and a ground-floor retail unit. The proposed layout mix consists of three three-bedrooms, 14 two-bedrooms, eight one-bedrooms, and eight studio units.
88 Withers Street is ideally located in one of Brooklyn’s most desirable live-work-play neighborhoods. It can be accessed via the L train at Lorimer Street and the G train at Metropolitan Avenue.
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Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
