Clinton Hill Parcel Sold for Multifamily Development October 10, 2018

Connect Media | September 12, 2018

GFI Realty Services has arranged the $2.15-million sale of 508 Waverly Ave., an 1,875-square-foot development site in Brooklyn’s Clinton Hill neighborhood. Currently occupied by a two-story commercial building, the property has approved plans for constructing a six-story, 6,500-square-foot apartment building with six full-floor units.

Yisroel Pershin and Sasha Berg of GFI represented the seller. GFI’s Ohad Babo represented the buyer. Buyer and seller are both local investors.

“The Clinton Hill submarket is highly desirable to prospective residents due to its countless neighborhood amenities and central location,” said Babo. “Conveniently situated less than 30 minutes from Manhattan, the property will be particularly attractive to young couples and professionals. The buyers anticipate considerable demand for the units once construction has completed.”

The property is adjacent to a newly-constructed luxury apartment building, and across the street from 555 Waverly Ave., a luxury eight-story apartment building with 122 units.

 

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