Flatbush Development Site With Rare Tax Abatement Asks $20 Million

Massey Knakal is marketing a senior home in Flatbush as a development site with a special tax abatement for $20,000,000, The Wall Street Journal reported. The property at 123 Linden Boulevard currently houses a four-story building, but it has air rights that allow for up to 250,000 square feet of development. Or it could be developed up to 316,000 square feet as a community building.

New York Congregational Community Services is selling the property, which has a 15-year tax abatement through the 421a program. The program encourages developers to build market-rate and affordable housing in underdeveloped neighborhoods. 421a requires that 20 percent of apartments in new developments be affordable housing, but the property will be eligible for the tax abatement even if only market-rate apartments are built.

The Colonial Revival building, a former Building of the Day, was built in 1918 and designed by the Parfitt Brothers.

Asking Price for Flatbush Site Is $20 Million [WSJ]
123 Linden Boulevard [Massey Knakal]
Building of the Day: 123 Linden Boulevard [Brownstoner]

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