~6,000 Buildable SF Development Site
371 Lincoln Road
Closed 02/13/2015 at
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TerraCRG has been retained to exclusively represent ownership in the sale of the development site at 371 Lincoln Road in the Prospect Lefferts Gardens Section of Brooklyn.
Located between Nostrand Avenue and New York Avenue, the 20 ft x 100 ft site is zoned R6/C2-3. There are currently proposed plans for a 6 story, 5 unit building for a total of 6,774 Gross SF. The plans call for floor through units with the exception of the penthouse which is a duplex. All units feature key-elevator access and outdoor space. The property is located outside the Geographic Exclusion Area therefore the site is eligible for a 421-a tax exemption.
Prospect Lefferts Gardens is often cited by its resident as “Brooklyn’s best-kept secret,” bordering the east side of Prospect Park and a few blocks from the Brooklyn Botanic Garden, with an attractive historic district, and subway stops for three different express trains.
New construction and conversion rental building in Prospect Lefferts Gardens are achieving rents in the $38/SF-$45/SF range, and are expected to rise with the addition of eight new developments in the coming months.
The property sits directly next to the major retail strip of Nostrand Avenue and is less that two blocks away from the Sterling Street 2 and 5 subway station; just a twenty minute ride into Downtown Brooklyn
Prospect Lefferts Gardens is a residential neighborhood in Brooklyn. The area is bounded by Empire Boulevard (formerly Malbone Street) to the north, Clarkson Avenue to the south, New York Avenue to the east and Ocean Avenue/Prospect Park to the west. The neighborhood is most notable for its housing in the historic district. Depending on the street, the stone row houses might swallow up a whole block or be mixed in with spacious Victorian frame homes.