NEW YORK CITY—CPEX Real Estate has arranged the sale of a development site at 88 Schermerhorn St. at a record price for Downtown Brooklyn. Located on the border of Brooklyn Heights and Downtown Brooklyn, the site has a footprint of approximately 3,333 square feet but features the prospect of featuring up to approximately 33,330 buildable square feet “as of right” for residential use. The sale price was $11 million, or $330 per buildable square foot.

“We have not seen a $300 a foot trade for a high rise site in Downtown Brooklyn,” declares CPEX managing director Sean Kelly to “This is $40 to $50 above the next highest priced transaction. This transaction traded at this level because the property is basically in Brooklyn Heights, where the condo pipeline is virtually non-existent.”

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