A development site at 1144 DeKalb Avenue in Bushwick has sold for $900,000.
Located between Bushwick Avenue and Broadway, the 2,421-square-foot, two-family building traded in an off-market deal. The buyer bought the property, delivered vacant, as a development opportunity, according to Itzhaki Properties CEO Yona Edelkopf, who brokered the sale with Nachman Weingarten.
Permits have been filed and approved to add a floor to the three-story building, creating eight apartments total. The lot has a total of 5,883 square feet of development rights.
“Bushwick is a neighborhood in transition and developers are jumping at the chance to build here,” Edelkopf said in a statement. “The area has really come to life over the past seven years or so. Rental prices in Williamsburg are nearing Manhattan prices, which has influenced many people to move to Bushwick, and has ultimately helped to raise the local market value.”
In the past year, Itzhaki Properties has sold more than 30 properties in Bushwick, including 1459 Bushwick Avenue, which recently traded for $1.05 million.
About 60 percent of new construction in the neighborhood from 2009 to 2013 has been located along or north of Myrtle Avenue, according to Bushwick Daily, which charted development from 2000 to the present.