ERG Property Advisors Closes on Record Price Per Buildable SF Development Site in East Village

New York, NY, June 07, 2013 --(PR.com)-- ERG Property Advisors is pleased to announce the sale of a record price per buildable development site in the East Village.

The 13th Street East Village property closed at a record deal of $296 per buildable square feet. The property includes approved plans for a six-story 10,996 square foot elevator building consisting of one-bedroom and two-bedroom apartment units. The apartment units can be presented as rentals or condominiums. Most of the units have outdoor spaces that look out to the beautiful East Village.

Jeffrey Wolfson, Senior Associate at ERG Property Advisors, exclusively brokered this transaction. “Since I started working for ERG, a trend I have noticed is the demand for prime development sites in the East Village. With that being said, I am proud to have achieved a record price per buildable SF in the New York City neighborhood post the 2008 recession. This is a great example of what measures investors will take to get a piece of the East Village,” explains Mr. Wolfson.

The ever-expanding East Village is an opportune area for new real estate developments. The diverse community carries some of New York City’s most popular restaurants, bars, and retailers. The neighborhood is also home to New York University, which has a student body of over 20,000. With new development opportunities thriving in the East Village, the property has a great growth potential.

The property sold for $3,275,000.

For more information about this property, please contact Jeffrey Wolfson at (646) 253-0906. His email is jwolfson@ergpa.com.

About ERG Property Advisors
ERG Property Advisors is a full-service commercial brokerage company based in New York City. Our core activities are investment sales, mortgage brokerage and direct capital services. While focused on the broader New York City area as a company, ERG also offers specific market knowledge at the submarket level. Beyond core New York City properties, ERG's Retail Division specializes in the disposition of commercial investment real estate property nationally with a focus on freestanding Net-Lease properties. In addition to assisting property owners and prospective buyers, ERG provides banks, appraisers, attorneys, and accountants with information and skill sets that support them in their respective roles. Through strategic alliances with select companies we are able to offer our clients access to mortgage brokerage, direct capital services and investment sales brokerage. Visit www.ergpa.com for recent deals and press coverage.