Would-Be PLG Tower Site Sold?

The 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 Happening