BROOKLYN, NY-A 20,000-sf parcel of land currently used as a parking lot at 203 Jay St. in Downtown Brooklyn has been purchased by Amtrust Realty Corp. for $17.6 million. The land is already zoned for residential building development.
Eastern Consolidated vice chairman Brian Ezratty procured the purchaser, New York-based Amtrust Realty Corp., while Eastern directors Alan P. Miller, Louis Ricci and Jeffrey B. Troy represented the seller, Edison Properties. Edison owns parking facilities, office buildings and Manhattan Mini Storage.
"This sale was atypical for Edison," says Eastern's Miller, "because we sold the fee at 203 Jay St. instead of doing a long-term ground lease, which is the way Edison has been disposing of its properties recently."
The building is zoned to accommodate the construction of and approximately 130,000-sf, 20-story apartment building. Its location, Downtown Brooklyn, is undergoing a development resurgence.
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