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.
A 21,929-square-foot development site at the corner of Franklin and Dean in northern Crown Heights is for sale for $18,000,000, according to the listing, which is with TerraCRG. Thanks to last week’s rezoning of Crown Heights, a developer could potentially build a residential complex here of as much as 100,875 square feet.
The site has several addresses but is primarily known as 608-614 Franklin or 1046 Dean. The property, which includes four buildings and is attached to the old Nassau Brewery complex on Bergen Street, has 141 feet of frontage on Franklin and 154 feet of frontage on Dean. The five buildings between Dean and Bergen are currently one large parcel of land that includes the 164-year-old brewery building.
But owner Fabian Friedland chose to sell the northern part of the lot on Dean and keep the brewery building on Bergen, which isn’t included in the listing. He told us that he plans to convert the Bergen Street brewery into apartments, some of which will be affordable, with retail space on the ground floor. He also noted that the most profitable use for 608 Franklin would be a residential development. The Real Deal was the first to write about the offer.
Developer Cayuga Capital is selling a 90 percent interest in its seven-building portfolio for $14,000,000, the Real Deal reports. The portfolio includes 36 Wilson Avenue, 369 Menahan Street, 1399 Greene Avenue, and 297 and 311 Troutman Street, as well as two ground-up rental developments at 286 Stanhope Street and 184 Noll Street. There are 89 rental units included in the package of properties, all of which Cayuga acquired in the last decade. They’re selling so much property to raise cash for their conversion of St. Marks Church on Bushwick Avenue (pictured) into a rental apartment building with 99 units. David Behin, president of investment sales at commercial and residential brokerage MNS, is representing Cayuga. Further down the avenue, as we’ve reported, Brookland Capital is planning to convert another church into apartments.
The wood frame house at 162 Hall Street is on the market for $2,550,000. The owner has completely redone the exterior, shedding the siding for wood clapboard, replacing the windows, doors and recreating many of the historic details that had been lost. And the interior has been gutted and redone in a way that at least pays some respect to the building’s age. If he gets his price, or even half his price, this is a remarkable windfall for the flipper. According to PropertyShark, the home was purchased in 2012 for $250,000. Its unclear how the current owner got it for such a song. It was bought in 2007 for $798,000 but by 2009 it had fallen into Lis Pendens. However the new owner scooped it up, the developer, Myrtle 162 Hall Inc., has invested considerably in the building. You can see the state of total disrepair it was in on this old listing. Seems like the investor is doing right by himself, the building and the neighbors on the block. What do you think?
The transformation of Putnam Avenue in Clinton Hill shows no signs of slowing. In the past couple of years, the arrival of the Fulton Grand bar, the Food Co-op, a handful of new residential buildings and, most recently, Cinnamon Girl bakery have made the stretch between Grand and Irving far more than just one of Brooklyn’s most active drug corridors. The latest opportunity comes in the form of a development site for sale at 28 Putnam Avenue at the southwest corner of Downing Street. TerraCRG has just listed the corner property–which includes both a rundown carriage house as well as a one-story garage — for $1,850,000. Though the footprint is just 2,374 square feet, the FAR in this location is 4.0, meaning a developer can put up about 9,500 square feet of housing.