Brooklyn Development Site Sells for $2M
- May 11, 2017
Commercial real estate brokerage firm EPIC Commercial Realty was selected as selling agent in the disposition of 2203 Clarendon Road, a development site located in New York City, in the heart of Brooklyn’s Prospect Lefferts Gardens residential neighborhood. The vacant lot traded for a reported $1.95 million. EPIC Commercial Realty Associate Broker Heshie Goldfein and Investment Sales Associate Sadya Liberow represented the seller, ARM Capital Resources Corp. President Rubin Margules, who acquired the lot in 2007. Senior Associate Broker Shay Zach acted on behalf of the buyer, 2203 LLC, an entity affiliated with investor Israel Spigel, public records show.
The 0.14-acre parcel encompasses 16,650 square feet of as-of-right air rights, totaling 17,000 square feet with additional community facilities. It is best suited for multifamily development, with a split R6A and R5B zoning. Located in central Brooklyn’s Flatbush neighborhood, the surroundings feature Victorian architecture and various restaurants, bars, parks, markets and retailers. The lot is also in close proximity to Beverly Road train station, MTA trains and various bus stations.
“This deal is a direct extension of the land sales and construction boom in the Prospect-Lefferts Gardens area in Brooklyn,” Zach said in a prepared statement.
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