The Real Deal New York

GPB enters contract on Boerum Hill development site

Owner Nick Cammarato asking $30M for vacant lot

August 17, 2015 01:20PM
By Rey Mashayekhi

215 Schermerhorn Street in Boerum Hill (credit: CoStar) (inset: Arthur Bocchi)

215 Schermerhorn Street in Boerum Hill (credit: CoStar) (inset: Arthur Bocchi)

Arthur Bocchi’s GPB Realty Capital is in contract to acquire a Downtown Brooklyn development site that was listed for almost $30 million earlier this year, according to documents filed with the city Wednesday.

GPB entered contract last month to acquire three vacant parcels, at 211-215 Schermerhorn Street, in Boerum Hill. While no purchase price was disclosed, the seller, developer Nicholas Cammarato, placed the site on the market for nearly $30 million earlier this year.

Cammarato paid $16.1 million to acquire the properties between 2013 and 2014, according to city property records. The site is capable of housing a 140-foot-tall, 75,000-square-foot building, Crain’s reported earlier this year, with Cammarato previously offering the lots for $26 million in late 2014 before taking it off the market. The deal is expected to close by the end of this year.

GPB Realty did not respond to requests for comment. Brooklyn brokerage TerraCRG, which marketed the property, declined to comment. Cammarato could not be reached for comment.