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

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

By comparison, CPEX notes, last year 155 and 157 Remsen St. wereeach sold, in two separate transactions, for about $6.2 million for23,000 buildable square feet, or $286 per square foot.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.