March 13, 2017
A private investor paid $6.3 million to an undisclosed seller for a vacant residential building in Brooklyn’s Prospect Heights neighborhood. The sales price was above the $6 million ask.
The property also came with 3,048 square feet of air rights through its R7A zoning. As the building is located in the Prospect Heights Historic District, major changes, such as adding another floor, would have to be approved by the Landmarks Preservation Commission.
Still, “it’s an outstanding conversion play, be it for several floor-through units or a single family mansion,” said Jonathan Berman, vice president at Ariel Property Advisors, which represented the seller and procured the buyer.
How much will the historic townhouse be worth once it is fixed up? The townhouse next door, 679 Vanderbilt Ave. was renovated and divided into eight co-op apartments. One of the apartments sold in 2014 for $865,000, according to data from StreetEasy. Prices in the neighborhood have increased since then.
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