Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site

 

 

Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a premier Brooklyn development site located at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.

The property, owned by the Pintchik family, was transacted through a long-term ground lease with a purchase option valued at $18.1 million. The site encompasses approximately 40,554 buildable square feet, equating to roughly $447 per buildable square foot. The development opportunity was further enhanced by acquiring and utilizing more than 16,000 square feet of transferred air rights from neighboring properties. Plans filed call for a 65-unit mixed-use building.

Sadya Liberow and Shariel Benshar of Asset CRG Advisors represented the transaction. "The transaction represents one of the highest-priced development site trades in the immediate area on a per-buildable-foot basis in recent years," said Liberow. "Sites of this scale and prominence adjacent to Grand Army Plaza rarely become available, and the structure allowed both ownership and the developer to maximize value while maintaining flexibility."

As development sites become increasingly scarce throughout Brooklyn's core neighborhoods, creative deal structures continue to play an important role in unlocking value. The transaction reflects continued demand for well-located development opportunities where additional density can be achieved through strategic assemblages and air-rights acquisitions.

Asset CRG Advisors is a New York City-based commercial real estate brokerage specializing in investment sales, development sites, ground leases, joint ventures, and structured real estate transactions totaling over 375M throughout the five boroughs.