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

Acquisition Date: 2015

Total Estimated Project Cost $11,500,000

Asset Type Luxury Condominium Building Development

Size 17,000 SQF, 10 Units


Posted on

August 20, 2015