Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Large Scale Residential Development Site With 421a Benefits Being Offered In Brooklyn By Massey Knakal

01/16/2014

A large-scale development site at 123 Linden Boulevard is being offered for redevelopment.  The site currently consists of a four-story institutional building owned by New York Congregational Community Services.  The site is located between Bedford and Rogers Avenues in Brooklyn on the border of the Flatbush and Prospect Lefferts Gardens neighborhoods. It allows for approximately 248,949 residential buildable square feet or about 316,159 square feet of community facility.  The asking price is $20,000,000.

The site is located outside the 421a exclusion area and therefore entitled to a 15-year tax abatement period.  “New York City desperately needs residential housing built, but it is virtually impossible to build in most neighborhoods like Manhattan and Downtown Brooklyn because of high land prices and real estate taxes.  This site is located in one of the few prime neighborhoods where the 421a benefit is still as-of-right, allowing a developer to build a large-scale rental project,” said Massey Knakal’s James P. Nelson, who is exclusively marketing this property with Nick Mahedy.

New York Congregational Nursing Center will continue to operate its 200-bed skilled nursing and rehab facility directly behind this property.  “We are pursuing redevelopment of our original building to provide necessary financial support for our 100-year-old core mission – providing high quality health care to the frail elderly,” said Kendall Christiansen, Chair of the Board of Directors of NYCCS. 

The site is conveniently located, being only six blocks from Prospect Park and less than five blocks from the B, Q, 2, and 5 train stops at Church Avenue.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

01/16/2014 - 15:51

Source

Cushman & Wakefield Capital Markets Group New York

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