11,308 proposed SF residential development site

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the residential development site at 29-31 Lexington Avenue in Clinton Hill. The 42 ft x 100 ft slightly irregular site is zoned R6B which allows for a total buildable of 8,500 SF. There are proposed plans for a 4-story 10-unit building with a gross SF of 11,308 including cellar, 9,062 of which would be above grade. There is a 7 ft x 75  ft light and air easement with the neighboring property allowing for lot line windows for 25-27 Lexington Avenue. The property is located on Lexington Avenue between Grand and Classon Avenues. The adjacent loft building at 25-27 Lexington Avenue is also offered for sale. The 29,500 SF building has approved plans  with active permits in place for 30,024 buildable SF. The combination of both assets would make a residential project of a total of 39,524 Buildable As a result of a shortage of quality for-sale housing options, condo pricing  in the area is expected to reach the $1,200/SF level and the rental market for is exceeding $56/SF. Townhouses in the neighborhood have been achieving prices well over $2 million.