Transwestern Brokers Sale of 14.7 Acres for Transformative Mixed-Use Project
Transwestern today announces it represented the Schaeffer family in the disposition of nine land parcels at 1801 New York Ave. NE in Washington, D.C. Douglas Development Corp. purchased the site for $66 million. Gerry Trainor, Executive Managing Director of Transwestern’s Mid-Atlantic Capital Markets Group, brokered the transaction on behalf of the Schaeffer family.
“The New York Avenue Corridor is undergoing a transformation into a vibrant live/work/play community, and Douglas Development’s investment in northeast Washington, D.C., is a key driver,” said Trainor. “Once built, NewCityDC will be a great complement to Douglas’ nearby project, Hecht Warehouse District.”
The site, bound by New York Avenue NE, Bladensburg Road NE and Montana Avenue NE, is part of 15 acres that Douglas has purchased as part of its plan to develop NewCityDC, a 1.5-million-square-foot, mixed-use project that will include 422 apartments, 18 townhomes, 550,000 square feet of retail, 156 hotel rooms and 2,900 parking spaces. The location offers proximity to downtown Washington, D.C., Capitol Hill, Union Station, NoMA and the H Street Corridor.
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