Transaction Summary:
In May 2015, CGI entered into a project to build a 10 unit for-sale condominium development in the desirable Prospect Heights neighborhood of Brooklyn, New York. The project will take about two and a half years for construction and sale of the individual units. The total projected cost is estimated to be $11.5MM. CGI will develop the project with larger two and three bedroom units to appeal to the family oriented demographic of Prospect Heights, a well established neighborhood known for its cultural diversity and tree-lined streets. Based on original projections, Bergen is expected to generate $17.6MM in total sales proceeds upon project completion.
Transaction Details
| Property Address |
653 Bergen St, Brooklyn, NY |
| Total Estimated Project Cost |
$11,500,000 |
| Asset Type |
Luxury Condominium Building Development |
| Size |
17,000 SQF, 10 Units |
