07-15-2016

NEW YORK YIMBY

Permits Filed: 906 Prospect Place, Crown Heights

Last fall developer Jeffrey Gershon had picked up a fairly large lot at 906 Prospect Place in Crown Heights for $3,500,000. Now he’s filed a new building application to erect a five-story condo building on the plot between New York and Brooklyn Avenues. The development would have 20 apartments spread over 22,040 square feet of residential space, for an average unit of 1,100 square feet…the large apartments and upward trend in Crown Heights property values strongly signal condos. Three apartments on the first floor will be duplexes with basement space, along with one single-floor unit, and the upper stories will hold four apartments each.
Current rules call for 10 parking spots, which will likely be next to the building.
The plot measures 10,000 square feet, and its $3,500,000 sale price worked out to an impressive $143 per buildable square foot. While that’s high for Crown Heights, it was also more than double the asking price of $1,450,000.
 

ORIGINAL ARTICLE