IPG announced today the sale of the development site at 387 Manhattan in Brooklyn, New York for $3,500,000.
The site was owned by a developer who filed for bankruptcy. IPG Real Estate was selected and approved by the Eastern District Bankruptcy Court to sell the property through an auction.
The site was approximately 5,000 square feet and was zoned for residential.
The as-of-right buildable square footage was 12,125.
Keith Radhuber, the Executive Managing Director of IPG Real Estate stated: “This area of Brooklyn is in an important transition. It is a highly sought after part of New York. A great deal of smart money is moving into the area. The location and the zoning of this property made it very attractive to buyers”.
Participants at these types of auctions must be financially strong and creditworthy since the purchase must be made in “all cash” that is, without financing.
Mr. George Donohue, President of IPG Real Estate stressed: “We have been experts in this type of transaction for many years. This particular property was one of the best land deals we handled in Brooklyn. I always encourage investors to stay in touch with us because we never know what new assignments we will be handling”.
Contact IPG today to help with the sale of your property.
Written by: Lindsay Craven