The Real Deal New York

Moderate-income rentals planned on stalled Prospect-Lefferts Garden condo site

August 10, 2011 02:20PM

A building with rental units for moderate-income families, retail space and an
underground parking garage will be erected on a stalled site in
Prospect-Lefferts Garden that was originally
envisioned as a 32-story condominium building, Crain’s reported. According
to TerraCRG Commercial Realty Group, which brokered the deal, the
property, spanning 31 Lincoln Road and 510 Flatbush Avenue, was sold for
$6.5 million, $490,000 below its $6.99 million asking price. The
26,282-square-foot vacant lot, close to Prospect Park and the Brooklyn
Botanic Garden, is in an “emerging market,” TerraCRG president Ofer Cohen
said. The original owner had in 2008 planned a 177,000-square-foot, 32-story,
glass-sheathed condo tower called “Park Tower” with 86 units that
would also have had a parking garage for 150 cars. But condos are not
feasible in the current condition of the market, Cohen said. Construction on
the new building is expected to begin in late winter or spring of next
year. According to Cohen, the project would be the first new
large-scale development in the immediate area. Developer Henry Herbst had put the property on the market in September. [Crain’s]

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