Good News! 538 Washington Avenue Has a New Owner

The vacant lot at 538 Washington Avenue in Clinton Hill, close to the corner of Fulton, has found a buyer. Here’s the word on the deal from brokerage TerraCRG, which handled the transaction: “TerraCRG, Brooklyn’s commercial brokerage and advisory firm announced today the sale of the development site at 538 Washington Avenue in Clinton Hill. The approx. 25 ft x 129 ft vacant lot is located on Washington Avenue between Fulton Street and Atlantic Avenue and has a mixed zoning of C2-4/R6B/R7A. The development site has approved plans for a five story, eight unit residential building with plans by Scarano Architects. The footing on the site was installed to qualify for 421-A tax abatement. The plans call for an approx. 9,767 Sq. Ft. building (12,943 Sq. Ft. including the basement) with 1 studio, 3 one bedrooms, 2 two bedrooms and 2 three bedroom apartments, all with outdoor space. The property was sold for $860,000 or $88 per buildable Sq. Ft. (based on the approved plans Sq. Ft.) to a developer who plans to continue the project. TerraCRG represented both the seller and buyer in the transaction.” It’s always good news to hear that a vacant lot will soon be home to a building. GMAP