Connect Media | October 23, 2018
GFI Realty Services has finalized the $14.8-million sale of 275 Livingston St. (23-25 Hanover Pl.), a development site in the heart of Downtown Brooklyn. The property was sold by Harry Blaustein and purchased by AVEQ 275 Livingston LLC. The GFI team of Yosef Katz and Zachary Fuchs arranged the transaction.
The property is occupied by a vacant, three-story commercial building, and allows for 43,760 square feet of as-of-right development. The buyer plans a redevelopment campaign that will retain part of the existing structure, to recreate the property as a premier commercial facility in Brooklyn’s burgeoning downtown.
“With Brooklyn’s rise already underway for several years, strong development sites are now few and far between, and the buyer was very eager to acquire this redevelopment opportunity,” said Fuchs. “Once completed, the new building should feature both commercial and retail space, and it is poised to help continue the revitalization of Downtown Brooklyn.”