Stalled Sterling Place Site Sells for $6.8M

An empty lot at 500 Sterling Place in Crown (not Prospect!) Heights has sold to an unnamed Brooklyn developer for $6.8 million, Crain’s reported. The firm intends to build luxury rentals there, said Ofer Cohen, president of TerraCRG Commercial Realty Group President, which represented the buyer in the deal. The site was one of the last available stalled sites in Brooklyn. It had gone into foreclosure, and the lender had taken it over earlier this year. The buyer is also working on two other previously stalled sites, both in Williamsburg. The 19,650-square-foot plot between Washington and Classon avenues comes with approved plans for a 35-unit residential project up to 43,230 square feet, but the buyer could alter the number of units, said Crain’s.
Stalled Brooklyn Residential Site Fetches $6.8M [Crain’s]
Stalled Prospect Heights Site Will Be Luxury Rentals [Curbed]
Photo by Nicholas Strini for PropertyShark