358 Flatbush Ave

Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Avenue, a prominent Brooklyn development site located 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, equating to roughly $446 per buildable square foot. The development opportunity was further enhanced through the acquisition and utilization of more than 16,000 square feet of transferred air rights from neighboring properties. Plans filed call for the development of a 65-unit mixed-use building.

As development sites become increasingly scarce throughout Brooklyn's core neighborhoods, transactions often require creative structuring to bridge valuation expectations and maximize site potential. In this case, the ground lease and purchase option structure provided flexibility for both ownership and the developer while preserving the long-term economics of the transaction.

The deal reflects continued demand for well-located development opportunities near major transportation hubs, open space, and established residential neighborhoods, particularly where additional density can be achieved through strategic assemblage and air rights acquisitions.