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West Street Land Sells in Greenpoint

JV to Build 35,000-SF Multifamily Building
October 17, 2012
93 Waterfront LLC sold three parcels of vacant land totaling 12,444 square feet of development land to a joint venture consisting of The Davis Companies and Cayuga Capital Management for $5.2 million, or about $418 per square foot.

The land is located at 101-105 West St. in Brooklyn's Greenpoint neighborhood, between Kent St. and Greenpoint Ave. The buyers are planning a 32,500-square-foot, 50-unit multifamily building at the site. The building will have recreational space, a 25-car parking lot and a laundry facility.

Peter Steier and Aaron Appel of Meridian Capital Group arranged equity for the acquisition of this development site.

For more information regarding this transaction, please see CoStar COMPS #2569101.
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