One of the last stalled construction sites in Brooklyn, 500 Sterling Place, sold to a developer based in the borough for $6.8 million. Crain's reports that 19,650-square-foot lot comes with approved plans for a 35-unit residential project up to 43,230 square feet, plus a 421-a tax abatement. The new owner plans to build a luxury rental development, and the president of TerraCRG Commercial Realty Group, the brokerage that represented the buyer, says that the owner could get up to $60 per square foot for the apartments.
Crain's doesn't name the owner, but notes that he is also involved with two other previously stalled sites, 65 North 6th Street and 53 Broadway in Williamsburg.
· Stalled Brooklyn Residential Site Fetches $6.8M [Crain's]
Image of 500 Sterling Place in January 2012 via PropertyShark