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 Brooklyn development site situated 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 $18,112,109.15. The site encompasses 40,554 buildable s/f, equating to approximately $447 per buildable s/f, and includes an existing 5,965 s/f building, reflecting a price of approximately $3,036 per s/f. 

Sadya Liberow and Shariel Benshar of Asset CRG Advisors represented the transaction. The development opportunity was further enhanced through the acquisition and utilization of more than 16,000 s/f 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.