31lincolnrendering-3-2011.jpgThe website PLOG informs of the following: “Land once slated for an outsized 23-story glass tower has been sold, local sources told PLOG today. A search of the online City Register shows a memorandum of agreement between the former owner Henry Herbst and a new entity known as 31 Lincoln Road, Development LLC. Our tipsters also told us that the investors behind the purchase have gobbled up another nearby building on Lincoln and several other properties in the area, but we are unable to confirm this at present time.” The option agreement recorded in city records checks out with listing broker TerraCRG’s website, which shows 31 Lincoln Road-510 Flatbush Avenue as in contract. The properties were listed for $6,990,000. Assuming the sale goes through, the question becomes whether or not the buyer is going to dust off plans for the tower.
Lincoln Road Property Sold [PLOG] GMAP
Site for Glassy PLG Tower Hits the Market [Brownstoner]
Graphic via PLOG.


What's Your Take? Leave a Comment

  1. The reason that 163 and 125 Ocean are good buildings (apart from the fact that the recently-apprehended Flatbush rapist lived in one of them) is because the apartment owners have put pressure on the sponsor who owns the remaining rental units to convert them to sale units once tenants move out. New rentals in both of those buildings are explicitly discouraged by the co-op boards (a higher owner-occupancy % is essential for easier bank financing). As a result, there are fewer and fewer rentals here eevery year.

    79 and 99 Ocean, both owned by the same landlord, seem pretty good; the NY Times has an article a few years ago about how this owner favors musicians, with most vacancies filled by word of mouth – people were even auditioning and sending mixtapes to get in.

    40 Lincoln – so-so; I know people who’ve had their apartments broken into by other building residents, they had a peeping Tom a while ago, and have heard of some bed bug problems. Bit of hanging out in the lobby.

    50 Lincoln a/k/a “Shifty 50” per the 71st Pct. – stay away, although with the recent sale hopefully it will turn around, along with the other buildings in this portfolio.

    25 Lefferts is probably the nicest rental building in the neighborhood, but the only way to get in there is to be recommended by a resident.

    Many, many buildings are rented through Abba Realty (including Patio Gardens); they do not share their listings with other brokers and their tenant selection process is capricious to say the least. I know someone who dressed very frum for her interview and let her boyfriend do all the talking – they got in easily.

    There are some OK buildings on Lincoln Rd.; I’ve heard the apartments at 100 Lefferts have over-the-top renovations (and MCI prices to go with them – $1550 for a 1 BR); mixed bag on Fenimore. I am the exclusive broker for a building there (and I do co-broke w. other REBNY members) – it’s very nice, clean, gread LL, stabilized – I have a 1 BR there now for $1195 and rented out 2 two bedrooms in Dec/Jan for $1400 each. Two-room studios go for $995 or so. This LL encourages 2 year leases and wants to keep good tenants; I don’t know anyone who’s ever had a problem there.

    Unfortunately, the nicer buildings are mostly no pets. 40 Lincoln allows them.

  2. Our building on Ocean Ave, and those of several other people we’ve talked to, are pretty good. In any large building there’s the chance for some wacko neighbors, but I’ve heard mostly good stuff about both 163 and 125 Ocean. These are both co-op buildings with lots of rental units.