Press Releases
Marcus & Millichap Arranges Sale of Brooklyn Development Site for $5.25M
April 13, 2026
NEW YORK, April 13, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 101-103 Luquer Street, a vacant development site in Brooklyn, New York for $5,250,000.
“At $503 per buildable square foot, this transaction sets a record price for Carroll Gardens and reflects the continued strength of Brooklyn’s condominium market,” said Jesse Kay of the Nowak Group of Marcus & Millichap in New York City. “Well-located residential condo development sites are in high demand, and we are seeing sustained competition from developers across Brownstone Brooklyn. With limited supply, transactions like this continue to push land values higher across the neighborhood.”
Kay and Jakub Nowak of Marcus & Millichap represented the seller and procured the private buyer.
The single-story building is located between Henry and Clinton streets in Brooklyn’s Carroll Gardens neighborhood. The 5,217-square-foot lot is zoned R6B and offers approximately 10,434 buildable square feet, supporting condominium, townhouse or rental development. The property features more than 50 feet of frontage and is five blocks from the Carroll Street and Smith–Ninth Street F and G subway stations.
“At $503 per buildable square foot, this transaction sets a record price for Carroll Gardens and reflects the continued strength of Brooklyn’s condominium market,” said Jesse Kay of the Nowak Group of Marcus & Millichap in New York City. “Well-located residential condo development sites are in high demand, and we are seeing sustained competition from developers across Brownstone Brooklyn. With limited supply, transactions like this continue to push land values higher across the neighborhood.”
Kay and Jakub Nowak of Marcus & Millichap represented the seller and procured the private buyer.
The single-story building is located between Henry and Clinton streets in Brooklyn’s Carroll Gardens neighborhood. The 5,217-square-foot lot is zoned R6B and offers approximately 10,434 buildable square feet, supporting condominium, townhouse or rental development. The property features more than 50 feet of frontage and is five blocks from the Carroll Street and Smith–Ninth Street F and G subway stations.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
