FEATURED TRANSACTION
358 Flatbush Ave, Brooklyn, NY 11217
$18,112,109
Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Avenue, a prominent Brooklyn development site at the intersection of Park Slope and Prospect Heights, overlooking Grand Army Plaza and Prospect Park.
The transaction was structured as a long-term ground lease with a purchase option valued at approximately $18.1 million, or roughly $446 per buildable square foot. The site’s development potential was increased through more than 16,000 square feet of transferred air rights from neighboring properties. Filed plans call for a 65-unit mixed-use building.
The creative ground lease and purchase option structure provided flexibility for both ownership and the developer while maximizing the site’s long-term value. The deal reflects continued demand for well-located Brooklyn development opportunities near transportation, open space, and established residential neighborhoods.
