TerraCRG has been retained as the exclusive agent for the sale of the development site at 371 Lincoln Rd. in the Prospect Lefferts Gardens neighborhood.
The 20 ft. x 100 ft. site is zoned R6/C2-3 and is located between Nostrand Ave. and New York Ave. The current proposed plans call for a six story, five unit building and a total of 6,774 gross s/f. The plans call for floor through units and a duplex penthouse. All units feature key-elevator access and outdoor space. The property is located outside the geographic exclusion area, therefore the site is eligible for the 421-a tax exemption.
"New construction and conversion rental buildings in Prospect Lefferts Gardens are achieving rents in the $38 - $45 per s/f range, and are steadily on the rise," said Peter Matheos, senior associate at TerraCRG. "The increasing rents in the neighborhood, proximity to Prospect Park, and the eligibility for the 421-a tax abatement make the property very attractive." Tags: