Stalled Condo Development

Stalled Condo Development

Stalled Condo Development
Brooklyn, NY
Appraised at $9.9 Million
61,085 SF; Complete as Condo or Rental
June 09
Auction Date

Highlights

Size
61,085
Address
393 Lefferts Avenue
City, State
Brooklyn, NY
Appraised Value
$9,900,000

How to Participate

  1. Download Brochure Click Here
  2. Purchase Due Diligence
    No Longer Available
  3. Attend Inspection
    Call (212) 867-3333 to schedule an inspection.
  4. Sealed Bid Auction
    Sealed Bid Deadline and Instructions
    Bids are due 5pm EST on Thursday, June 9.

    Submit bids in a sealed envelope marked “Confidential” and deliver to:
    Paramount Realty USA
    Attention: 393 Lefferts Avenue Auction
    299 Park Avenue, 20th Floor
    New York, NY 10171
Appraised As-Is for $9.9 Million in 2007 Paramount Realty USA is the exclusive agent representing the owner in the sale of the fee interest in the land and improvements located at 393 Lefferts Avenue, Kings County, Brooklyn, NY (the "Property"). The Property consists of a 10,875 sf site which is improved with a partially completed seven story building that, upon completion, will provide 33 market-rate rental or condominium units. To date, the majority of the steel and concrete plank superstructure has been completed, in addition to most of the electrical and plumbing roughing. Construction ceased in 2007. The current owner subsequently gained control of the Property from the original developer and will sell to a buyer with the ability to complete the project. Although previously approved as a multifamily property, the Property may be completed as a condominium development, or, potentially, repositioned as a mixed use project with both commercial and residential units. Completion of the Property is subject to requisite approvals, permitted uses and design guidelines in accordance with all applicable New York City building laws. The original approved plans provide for 61,085 gross sf that contains 33 residential units consisting of the following unit mix: 1x 1BR/1BA, 15x 2BR/2BA, 11x 3BR/2BA and 6x 4BR/2BA. The original development was granted 421(a) tax exemption benefits which could be reinstated when construction resumes. In addition, the previously approved plans include 17 subsurface parking spaces, a common garden space, a children's recreation area, a common recreation room and 33 storage units. The current owner also pursued an alternative configuration for the Property which includes 52 units comprised of Studio, 1BR/1BA and 2BR/2BA units for floors two through seven. Broker Participation Invited (see below).

Broker Participation

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