NEW YORK CITY-Hudson Cos. has closed on a development site in the Prospect Lefferts Garden section of Brooklyn, where it plans to put up a 23-story apartment tower. The developer, which has Third and Bond and the J Condominium among other projects to its credit in the borough, reportedly went into contract on the site at 626 Flatbush Ave. in March 2012.
Ariel Property Advisors, which marketed the site, says Hudson Cos. paid $11 million for the parcel. An Ariel team of Jonathan Berman, Shimon Shkury, Michael Tortorici and Victor Sozio represented the seller, a private investor who was not identified. The developer plans to set aside 20% of the 254 apartment units as affordable housing.
“The interest this development site generated exemplifies the growing popularity of emerging neighborhoods throughout Brooklyn,” Berman says in a release. “We believe the positive economic benefits of this new development will be a game changer for Prospect Lefferts Gardens.” Shkury, president of Ariel, adds that “exciting things are happening in Brooklyn” and that his company has expanded its presence there as a result.
In a release, Ariel says the deal had to overcome several major hurdles before closing including resolving an easement issue and relocating several commercial tenants. The property features 100 feet of frontage on Flatbush Avenue and a rear parking lot, which is approximately 52,265 square feet. It's located near the Prospect Park Zoo and Brooklyn Botanic Garden, and two blocks from the B, Q and S subway lines.
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