Real Estate Weekly
Image default
Deals & Dealmakers

TerraCRG Sells 5,625 SF Fully Approved Development Site in Prospect Park South

TerraCRG, Brooklyn’s leading commercial real estate brokerage firm, has closed on the $4,250,000 sale of 608 Ocean Avenue, a shovel-ready residential development site in Prospect Park South, Brooklyn. TerraCRG Partner, Daniel Lebor, and Senior Associate, Andrew Manasia, exclusively represented both sides of the transaction.

The R7A zoned, 5,625 square foot vacant lot features 37.5 ft of frontage allowing for a max residential ZFA of 22,500 SF and was delivered with fully approved plans for a new residential building. Under the current set of approved plans, the project calls for a 9-story, 32-unit elevator building yielding ~22,000 net SF of residential and will feature a mix of studios, one-bedroom and two-bedroom apartments, along with in-unit washer/dryers, home offices, private balconies and terrace space.

“This project is unique as it has the previous 421-a program from 2015 grandfathered in,
awarding the option to develop either condos with the older 15-year program or rentals with the newer – but also now expired – Affordable New York (AFNY) 35-year program, both offering a significant tax abatement,” said Manasia.

Kfir Klausner, a New York based real estate developer and investor with other properties
in the area, was the seller on behalf of 608 Ocean Avenue LLC. Oleg Krasnitskiy, an active builder in this section of Brooklyn, acquired the project at a price per buildable square foot of about $190.

Prospect Park South is one of the most sought-after neighborhoods in Central Brooklyn.
Serviced by two major subway lines, multiple bus lines and bustling avenues, commercial property in greater Flatbush is being coveted for the current population density and future growth opportunities. The B, Q, 2 and 5 trains can be accessed only a few blocks away at the Church Ave stops.

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million


Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building


Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando