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Development Land in Downtown Brooklyn on the market for $30MM

Posted on by Ingram Hebron

If this downtown Brooklyn vacant lot is sold for $30M, a pricey condo will likely rise there

A 140-foot-tall, 75,000-square-foot condo building can be built at 215 Schermerhorn St.

Photo: CoStar Group Inc.
215 Schermerhorn St. is for sale for $30 million.

 

The owner of a downtown Brooklyn development site is trying to sell the parcel again.

Nicholas Cammarato, the owner of a vacant lot at 215 Schermerhorn St., has put the parcel up for sale for almost $30 million, double the amount he paid two years ago. Ofer Cohen, the president of brokerage TerraCRG, which specializes in Brooklyn, was retained to market the property.

It is the second time in the past six months that Mr. Cammarato has attempted to sell the lot. Late last year, he reportedly offered it for about $26 million but took it off the market.

Mr. Cohen said that the price of lots have continued to rise in downtown Brooklyn as developers have succeeded in selling units at condo projects underway in the area. A 20-story condo building being constructed at 265 State St., for instance, is fetching record prices for downtown Brooklyn, Mr. Cohen said. The activity has prompted interest in building more condos. About 14,000 apartments are under construction in the neighborhood, according to Mr. Cohen, but most of them are rentals.

“There’s a big opening in the market right now in downtown Brooklyn for more condo projects,” Mr. Cohen said. “And this is an opportunity for a builder to capitalize on that.”

A 140-foot-tall, 75,000-square-foot building can be constructed on the site. Mr. Cohen said a hotel could also be built there. Downtown Brooklyn has become a popular neighborhood for hotels. An Ace Hotel is currently being built on Bond Street.

“There are about 1,000 hotel rooms getting built in downtown Brooklyn,” Mr. Cohen said.

Courtesy of Crains