CPEX Real Estate announced the sale of two development sites that combined provide 350,000 buildable square feet in Prospect Lefferts Gardens, Brooklyn.
Phase 1 will include 170 apartments and Phase 2 will have 250.
The properties were sold by the CPEX Development & Conversion Investment Sales Team, led by Sean R. Kelly, Esq., along Timothy D. King and Brian T. Leary. CPEX represented the sellers in each transaction, and procured the buyer, Hudson Companies, Inc.
The first sale, 1295-1299 Nostrand Avenue and 306-310 Clarkson Avenue, closed at $10 million in September 2014. CPEX represented a family office that has owned the properties dating back to the early 1980s.
318-350 Clarkson Avenue was sold for $13 million, or $65 per buildable s/fF. CPEX arranged the sale between the Health Science Center at Brooklyn and Hudson.
“Hudson is very happy with the purchase and thrilled to continue developing in Prospect Lefferts Gardens, a neighborhood we love,” said Joseph Kohl-Riggs, Director of Acquisitions at Hudson. “Transit access is excellent. We’re also excited about the corner retail here.”