11,308 proposed SF residential development site
29-31 Lexington Avenue
Clinton Hill
Closed 07/02/2015 at
$2,700,000
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718-768-6888
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the residential development site at 29-31 Lexington Avenue in Clinton Hill.
The 42 ft x 100 ft slightly irregular site is zoned R6B which allows for a total buildable of 8,500 SF. There are proposed plans for a 4-story 10-unit building with a gross SF of 11,308 including cellar, 9,062 of which would be above grade.
There is a 7 ft x 75 ft light and air easement with the neighboring property allowing for lot line windows for 25-27 Lexington Avenue.
The property is located on Lexington Avenue between Grand and Classon Avenues. The adjacent loft building at 25-27 Lexington Avenue is also offered for sale. The 29,500 SF building has approved plans with active permits in place for 30,024 buildable SF. The combination of both assets would make a residential project of a total of 39,524 Buildable
As a result of a shortage of quality for-sale housing options, condo pricing in the area is expected to reach the $1,200/SF level and the rental market for is exceeding $56/SF. Townhouses in the neighborhood have been achieving prices well over $2 million.
Attractions
Clinton Hill is centrally located between Downtown Brooklyn’s Fort Greene, Barclays Center/Atlantic Terminal and brownstone rich Bedford Stuyvesant. The neighborhood is anchored by Pratt Institute’s 25 acres and is continuously growing with new retail and residential developments to meet the demands of families, young professionals, artists and students that are attracted to the neighborhood. Pratt is recognized as one of the best art, design and architecture school colleges in the northeast and has an enrollment of almost 5,000 students from more than 60 countries and all 50 states.
The property is also only two blocks from Fulton Street, one of Brooklyn’s prime commercial corridors, where the A and C train is running. G train is only three blocks away from the property at the corner of Lafayette Avenue and Classon Avenue.