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Absolute Auction - Land

232 Seigel - Brooklyn NY Commercial Development Site & Air Rights

232 Seigel St., Brooklyn, NY 11206

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  • Asset Type
  • Real Estate
  • Property Type
  • Land
  • Land Area
  • 0.42 Acres

Brooklyn NY Approved Development Site

Investment Highlights 

  • Rare Brooklyn Devlopment Opportunity with 67,319 SF of Development Rights
  • Site has Approved, Shovel Ready Plans by Gensler Architects to Build a 155-key hotel.
  • Bushwick Section of Brookly benefits from Recent Revitalization into an Increasingly Hip and Deserable Location 
  • Motivated Seller - No Reserve Auction, Winning Bidder will be put Under Contract 
 

Investment Summary 

Newmark and RI Marketplace are pleased to present the opportunity to acquire 232 Seigel Street, a 18,492 SF development site located in the North Brooklyn neighborhood of Bushwick New York (the “Property”). The Property includes 67,319 SF of development rights. The development site comes with approved, shovel ready plans by Gensler Architects to build a 68,060 SF, 13 story, 155-key hotel with 16,215 SF of common area space. A foundation has already been put in place as of November 27, 2018 allowing the development to be accepted into NYC’s ICAP tax abatement program for commercial developments.

Situated in the Bushwick section of Brooklyn, the Property benefits from a recent revitalization that has transformed Bushwick into an increasingly hip and desirable location. Bushwick has a diverse culture that includes eclectic art galleries, fashion, music venues, dining options and night life. The Property’s prime location is further well-position to access the NYC subway system and other convenient public transportation, in addition to bordering the neighborhoods of Bedford-Stuyvesant to the West, East Williamsburg to the North, Ocean Hill to the South, and Ridgewood, Queens to the East. The unique offering provides investors the ability to acquire an extremely well-located development site, within the highly coveted Bushwick neighborhood of Brooklyn, New York.

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

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Platform Fee

The platform fee for this transaction is the greater of 5.00% or a minimum of $20,000.

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.

Auctioneer

  • Ralph Passono, Jr.

    c/o Fisher Auction Company Inc.

    License: 1 NY Broker No.:10311203946