In June 2015, CGI entered into a project to build a 26 unit for-sale condominium development in the growing South Slope neighborhood of Brooklyn, New York. The project will take about two and a half years for construction and sale of the individual units.
CGI will develop the project with larger studio and one bedroom units to appeal to the younger professional character of the neighborhood, which has seen significant new development and activity in recent years. Based on original projections, 21st Street is expected to generate $29.8MM in total sales proceeds upon project completion. Based on the current project schedule, we anticipate construction completion in 2018.
|Property Address||186 21st St, Brooklyn, NY|
|Asset Type||Luxury Residential & Retail Development|
|Size||30,000 SQF, 26 Units|