$218-Per-Buildable-SF for Flatbush Development Site

A developer paid $9.95 million for a two adjacent houses at 94 and 100 Lenox Rd. in the Flatbush neighborhood of Brooklyn. The two lots combined form a corner development site with 45,000 buildable square feet. That works out to a price of $218 per buildable square foot, a record high for the area.

“We implemented a competitive marketing strategy, creating extreme competition for this asset,” said Alexander McGee of Ariel Property Advisors, who with Shimon Shkury, Sean R. Kelly Esq., and Daniel Tropp represented both the buyer and the sellers of both sites in the transaction.

The parcel “benefits from a lucrative tax incentive [the revived 421-A] and the fact that it was one of the largest remaining development opportunities in close proximity to Prospect Park,” said McGee.

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