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

Massey Knakal Sells Development Site In Flatbush

12/10/2013

Adevelopment site at 271 Lenox Road, located between Nostrand and Rogers Avenues in Brooklyn’s Flatbush neighborhood, was sold in an all-cash transaction valued at $1,590,000.

This approximately 50’ x 200’ lot allows for a new building of approximately 34,400 square feet.  There are approved plans in place and a 421a tax abatement is as of right.  The sale price equates to approximately $46 per buildable square foot.

The property is conveniently located two blocks from the Winthrop Street stop on the 2 and 5 subway lines, one block from Kings County Hospital and SUNY Downstate Medical Center, and six blocks from Prospect Park.  The busy retail strip of Church Avenue is just three blocks away.

“The purchaser has approved plans to construct a 15-story elevatored building consisting of 56 two-bedroom condos with private terraces, 32 parking spaces, and a private gym,” said Massey Knakal’s Michael Amirkhanian, who exclusively handled this transaction with Nick Mahedy.

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

12/10/2013 - 10:24

Source

Cushman & Wakefield Capital Markets Group New York

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