It looks like another Brooklyn church is likely to become apartments. Calvary Spanish Pentecostal Church, aka Calvary Assembly of God, has sold seven properties on Suydam and Hart Streets to an LLC with a Madison Avenue address for $2,980,000.
The lots include the church’s main building and a neighboring frame house at 112-116 Suydam Street, as well as a parking lot made of five adjacent lots at 118-120 Suydam and 605, 609 and 611 Hart Street, according to a deed filed yesterday. The church and frame house alone have a buildable square footage of 17,314 on a 75 foot by 95 foot square lot.
The whole parcel is a sizable piece of land in the middle of Bushwick, about a block from the Central Avenue M train stop. GMAP
Photo by Nicholas Strini for PropertyShark
We can already imagine a condo-filled future for a large lot that sold last week in
eastern Crown Heights. The big property with a small apartment building at 906 Prospect Place changed hands for $3,500,000, according to public records.
The 10,000-square-foot piece of land between New York and Brooklyn avenues could accommodate a bigger residential building up to six stories tall with 24,349 square feet of space. The developer and signer on the mortgage is Jeffrey Gershon, who’s also building projects at 190 South 6th Street in Williamsburg and at 22-22 Jackson Avenue next to 5Pointz in Long Island City.
The lot currently has a two-story building measuring 40 by 45 feet that we’re guessing will be demolished, but no demo permits have been filed yet. Interestingly, the property, which had a lis pendens, sold for over twice its asking price of $1,450,000. GMAP
Photo by Gregg Snodgrass for PropertyShark
A waterfront site at 96-98 Degraw Street has just sold for $2,100,000, according to TerraCRG, the agent on the deal. The property between Columbia and Van Brunt streets is 3,500 square feet, and the sale price works out to $326 per buildable square foot.
There are already plans for two three-story single-family homes clocking in at 3,000 square feet each, which were filed and disapproved in October 2012. “Townhouses in the neighborhood are in high demand, with sales in the area achieving well over $1,000 per square foot,” TerraCRG Senior Vice President Melissa DiBella said in a press release.
Photo via Google Maps
A large but low-slung commercial building at the corner of Cortelyou and Stratford Roads in Ditmas Park has sold for $2,000,000, Ditmas Park Corner reported. Massey Knakal handled the sale of 1029-1035 Cortelyou Road and told the blog there were over 20 cash offers on the property. The 3,578 square foot property sits on a 60-foot-by-71-foot lot and sold above asking price at $559 per square foot.
Currently used as storage (and antique store on Saturdays only), the building could be used for retail or developed up to 8,416 square feet, according to the Massey Knakal listing. Considering the location, a mixed-use residential development seems likely. GMAP
Building on Corner of Stratford and Cortelyou Sells for $2 Million [Ditmas Park Corner]
1029-1035 Cortelyou Road [Massey Knakal]
Photo by lwitler via Ditmas Park Corner
A piece of Park Slope at 269 4th Avenue between Garfield and 1st Street has just sold for $4,400,000, said TerraCRG, which brokered the deal. The property, which sold to an LLC, is one of three development sites on the block to sell recently. Last year, TerraCRG handled the sale of 275 4th Avenue for $14,800,000 and 265 4th Avenue for $4,125,000. The latter is the McDonald’s that will soon become an 11-story building from Adam America.
The irregularly shaped lot at 269 4th Avenue is 50.75 feet by 132.79 feet and houses a 3,964-square-foot former car repair shop that’s now vacant. The property can be developed up to 16,236 square feet, according to PropertyShark.
Image via Google Maps
A hotel developer has bought a development site next to City Point at 436-438 Albee Square in Downtown Brooklyn for $9,100,000, said Massey Knakal, which handled the transaction. Public records list Albee Square Hotel LLC as the buyer of the 38-foot-by-115-foot lot. The seller was budget hotel king Sam Chang, who owns more than 40 chain hotels in the city, including Hilton Garden Inns, Hampton Inns and Holiday Inn Expresses. The three-story apartment building pictured above currently sits on the property.
The selling price shakes out to roughly $175 per buildable square foot on a site that allows for up to 52,391 square feet of development. Across the street, Albee Development has finished Phase 1 of City Point, a four-story commercial building with retailers that include Armani Exchange and Century 21. It’s currently working on Phase 2, which will include 600,000 square feet of retail and 630,000 square feet of residential space.
Last year, the same property changed hands for $3,000,000, and the building is rent stabilized, according to a Real Estate Weekly story published in May.
An unnamed developer has snagged the large vacant lot on the corner of Fulton and Waverly in Clinton Hill for $9,215,000. Brokers at Azad Property Group told us that the 12,000-square-foot lot at 882 Fulton sold for $186 per square foot. That price is nearly double what we predicted back in March, when we guessed it would go for $5,500,000 or $100 per square foot.
Zoning allows for up to 41,148 buildable square feet of development on the property, which is currently a parking lot. It also comes with an inclusionary housing bonus that allows for 13,316 square feet of affordable housing, increasing the potential development size to 54,864 square feet. The sale hit public records on December 20. The deed shows that the seller was White Memorial Chapels and the buyer an LLC headquartered at 520 Madison Avenue in Manhattan.
A New Residential Building in Fulton Street’s Future [Brownstoner]
A tipster tells us that a group of Chinese investors paid $18,500,000 for a big piece of property at 2300 Cropsey Avenue in Gravesend at a state foreclosure auction yesterday. The 45,688-square-foot property, which is sandwiched between Cropsey and Bay Parkway at 23rd Avenue, currently houses a six-story building with a demolished interior that’s zoned as a nursing home. The existing building is 85,619 square feet.
However, an old listing from Massey Knakal notes that the previous owner had acquired additional air rights to construct a 30-story mixed-use development with 264 apartments, 81,378 square feet of community space and an underground parking garage. With the new air rights, the site can hold a new development of up to 275,000 square feet.
The site’s previous owner was Russian developer Alexander Gurevich, whom then-Attorney General Cuomo banned from selling condos and co-ops in New York State for three years in 2010, The Real Deal reported last year. When plans for the massive development didn’t materialize, Gurevich defaulted on his construction loans and mortgage to the tune of $17,030,000.
After fees and penalties, the lien on the property is $27,024,325, according to foreclosure documents. The defaulted mortgage, once held by Lehman Brothers, is now held by a Swedish bank that took over dozens of former Lehman mortgages. The last time we wrote about 2300 Cropsey was in 2010, when we highlighted it for having the most DOB violations.
Image source: Douglas Elliman
The NY Post reports that pop musician Prince Malik wants a “princely sum” (gotta love those Post puns) for his 7,000 square foot home in Oakland Gardens – 212-06 64th Avenue (GMAP) – a neighborhood in eastern Queens sandwiched between Cunningham Park and Alley Pond Park. He’d like to sell the house for $2.75 million or rent it for $12K a month.