Developers Drop $11.4M On Empty Bushwick Lot, Records Show

BUSHWICK, BROOKLYN — Developers spent $11.4 million for an industrial building and empty lot on Forrest Street and Flushing Avenue, city records show.

Warehouse and office building developer Seagis Property Group bought the 25,840-square-foot industrial building at 124 Forrest St. and 4,990-square-foot vacant lot at 134 Forrest St. in March, according to city records.

The land, located between Central and Wilson Avenues, is currently zoned as an M1 manufacturing district, which means developers are allowed to build up to 30,830 square feet of commercial space or 54,980 square feet of community space, city records show.

(Keep up with NYC events and news by subscribing to the Bushwick Patch to receive daily newsletters and breaking news alerts.)

Under the Department of City Planning's recently released plans to rezone Bushwick, the property would be designated as an industrial buffer zone, which would allow increased density and reduced parking and loading requirements.

"Industrial assets in Bushwick, particularly single-story assets that logistically work for distribution, are in high demand,” Ariel Property Advisors agent Sean Kelly told the New York Real Estate Journal.

"This a very attractive opportunity.”