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JOINT VENTURE ACQUIRES NYC DEVELOPMENT SITE FOR $5.2M

NEW YORK CITY — A joint venture between The Davis Cos. and Cayuga Capital Management has acquired a 12,444-square-foot development site in Brooklyn's Greenpoint neighborhood for $5.2 million. The property is located at the corner of Greenpoint Avenue and West Street. The buyers are planning to build a 32,500-square-foot, 50-unit multifamily building on the site. The building will include recreational space, a 25-car parking lot and a laundry facility. Peter Steier and Aaron Appel of Meridan Capital Group arranged the equity for the acquisition of the development site.

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