Lincoln Equities makes move into Brooklyn with deal for Crown Heights dev site

Montgomery Street properties have combined 200K buildable sf for resi space

TRD New York /
Sep.September 18, 2017 01:45 PM

120-136 Montgomery Street (Credit: Google Maps)

UPDATED, 5:29 p.m. September 18: Joel Bergstein’s Lincoln Equities Group is getting on the Brooklyn development train.

The New Jersey-based developer, best known for its purchase of Hallets Point in Queens and subsequent sale of the site to the Durst Organization, is in contract to buy Crown Heights parcels with 200,000 buildable square feet, according to property records. The move would mark Lincoln Equities’ first Brooklyn project, if the firm proceeds with development.

The two lots at 120-136 Montgomery Street are located to the west of Prospect Park between Crown Heights and Prospect-Lefferts Gardens, and they are currently occupied by a three-story 21,900-square-foot building and a five-story 66,900-square-foot building with frontage on Franklin Street.

The Golombeck family has owned both lots since 1983, and the deal is based on a memorandum of contract, meaning there is no sales price. Lincoln Equities did not respond to a request for comment about its plans for the site.

Like most Brooklyn neighborhoods, Crown Heights has seen its fair share of development recently, including plans for a controversial Bedford-Union Armory project that has sparked concerns about whether or not it contains enough affordable housing. CIM Group also recently entered into a joint-venture development agreement with LIVWRK at 109 Montgomery Street.

This post has been updated to clarify the Crown Heights deal between CIM Group and LIVWRK.

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