The Real Deal New York

Chinese investors scoop up foreclosed Gravesend property

December 07, 2013 03:00PM

 A group of Chinese investors has paid $18.5M for a parcel at 2300 Cropsey Avenue in Gravesend at a state foreclosure auction. 

The 45,688-square-foot property, Located Between Cropsey And Bay Parkway at 23rd Avenue, is currently home to a gutted, six-story building zoned as a nursing home.

Interestingly, a former listing with Massey Knakal states that the previous owner — Russian developer Alexander Gurevic — acquired additional air rights in order to construct a 30-story mixed-use development with 264 apartments, 81,378 square feet of community space and an underground parking garage, according to Brownstoner. The additional air rights mean that the site can see a new development of up to 275,000 square feet.

As The Real Deal previously reported, Gurevich defaulted the property’s mortgage after then-Attorney General Andrew Cuomo banned the developer from selling condos or co-ops in New York State for three years. [Brownstoner]Christopher Cameron