Flatbush site with rare tax abatement asks $20M

New York /
Jan.January 13, 2014 10:00 AM

A development site in Brooklyn’s Flatbush neighborhood with an unusual tax abatement is asking $20 million. Senior care provider New York Congregational Community Services is selling a four-story building at 123 Linden Boulevard that would allow for a 250,000-square-foot residential development.

The site could also be used to build a 316,000-square-foot community building under its current zoning, according to the Wall Street Journal. It is being marketed by Massey Knakal Realty Services’ James Nelson and Nick Mahedy.

A buyer could avail themselves of a 15-year tax abatement through the 421a program, which generally requires that at least 20 percent of new units in a new development be affordable. This site, however, is eligible for the tax abatement even if a purely market-rate apartment building were to be built, Nelson told the Journal.

Nelson added that the relatively affordable land – about $80 per buildable square foot compared to the $300 per buildable square foot in Brooklyn neighborhoods that are closer to Manhattan – would appeal to developers. [WSJ, 2nd item]  – Hiten Samtani


Related Articles

arrow_forward_ios
New York Attorney General Letitia James and 63-36 99th Street in Rego Park (Getty; StreetEasy)

“Not on my watch”: AG Tish James fines developers who violated 421a

“Not on my watch”: AG Tish James fines developers who violated 421a
Carroll Gardens and Flatbush in Brooklyn (Photos by Steven Pisano via Flickr; Mrbrklyn via Wikipedia; iStock)

Brooklyn’s most and least expensive neighborhoods

Brooklyn’s most and least expensive neighborhoods
One year later, New York is still figuring out key questions over its new rent stabilization law. (iStock)

Rent law’s unanswered questions vex landlords, tenants

Rent law’s unanswered questions vex landlords, tenants
268 Sterling Place and 56 Marlborough Road (Credit: Google Maps; StreetEasy)

Signs of life in Brooklyn’s luxury home market

Signs of life in Brooklyn’s luxury home market
Scott Stringer (Credit: Getty Images)

Scott Stringer calls for “universal affordable housing,” end to 421a

Scott Stringer calls for “universal affordable housing,” end to 421a
Jay Martin, James Whelan and Joe Strasburg

Rent-pocalypse 2.0: Real estate industry reacts to tenant demands

Rent-pocalypse 2.0: Real estate industry reacts to tenant demands
The issue came to light after some owners realized they were incorrectly billed in June (Credit: iStock)

“A big, big, big success,” NYC Finance Department says of new system that overcharged building owners on property tax

“A big, big, big success,” NYC Finance Department says of new system that overcharged building owners on property tax
With the elimination of vacancy decontrol, landlords can't deregulate units in buildings receiving 421a until the tax break expires (Credit: iStock)

Collateral damage? Real estate sounds alarm on rent regs’ impact on condos, 421a

Collateral damage? Real estate sounds alarm on rent regs’ impact on condos, 421a
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...