Matthews™ Leverages 20 Offers to Close Two Brooklyn Development Sites at 100% of List Price

BROOKLYN, NY— Matthews™, a commercial real estate investment services and technology firm, facilitated the $6,000,000 sale of two development sites located at 111-117 Grove Street & 60 Menahan Street in Brooklyn, New York. Matthews™ Executive Vice President DJ Johnston and Associate Evan Kashanian represented the seller, Moshe Granit, in the transaction.

The assets consist of a 14,000-square-foot development site spanning four tax lots with 140 feet of block-through frontage between Grove Street and Menahan Street in Brooklyn’s Bushwick neighborhood. Zoned R6, the site offers approximately 30,800 buildable square feet as-of-right and up to 54,600 buildable square feet through New York City’s “City of Yes” Universal Affordability Preference program, which provides additional density for projects incorporating affordable housing. The site is located within walking distance of the J and Z subway lines and includes approved plans for a 40-unit residential development.

Matthews™ maintained a relationship with Granit, a private investor and developer, for more than 10 years, providing periodic valuations. As market conditions aligned with his investment objectives, Granit brought the property to market to capitalize on its appreciation and complete a 1031 exchange. Leveraging the firm’s proprietary database and extensive network of active developers, the Matthews™ agents created a highly competitive bidding environment that generated more than 20 offers. Interest from the initial buyer groups helped establish pricing expectations with the third-position buyer, ultimately bringing the transaction to a close at 100% of the list price.

“The combination of unique frontage, substantial development rights, and recent zoning changes that increased the site’s value made this a highly sought-after opportunity,” Johnston said. “Those attributes generated significant interest from the development community and ultimately resulted in a record-setting sale at approximately $200 per buildable square foot for a development site of this scale and location.”

The buyer, an active rental housing developer in North Brooklyn, was drawn to the site’s scale, approved residential plans, and strong development fundamentals. The project aligns with the developer’s existing portfolio and provides an opportunity to expand its multifamily presence in one of Brooklyn’s most active residential markets.

For more information, please contact DJ Johnston and Evan Kashanian or visit www.matthews.com.

About Matthews™

Matthews™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.