Two multifamily development sites in Brooklyn were sold for $7 million. The properties, located at 962 and 976 Bushwick Ave., constitute a 421a development site with plans for two seven-story multifamily buildings totaling 53 units. Names of the buyer and seller were not disclosed.
The sale, handled by Shaun Riney and Michael Salvatico from Marcus & Millichap’s Manhattan office, involved navigating the complexities of the 421a development. The duo managed to secure private investors as both the sellers and buyers.
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