[Via The Real Deal]
A judge has valued a condemned property at 730-40 Atlantic Avenue in Prospect Heights at around $9 million, possibly setting the stage for further development.
For years, the area surrounding the property was zoned for industrial use, with a gas station occupying 730 Atlantic Avenue until 2001. Since then, it has remained vacant, and the Empire State Development Corp. condemned the property to make room for the Atlantic Yards project and the Barclays Center, which is a stone's throw away from the site. When 730 Equity Corp. took control of the property, the developer applied to rezone the property for mixed commercial residential use, with the eventual goal of constructing a 12-story hotel.
The ESDC opposed rezoning, arguing that the property would best serve the neighborhood as a "gas station, parking lot, or garage" and subsequently valued the 730 Atlantic Avenue at $2.075 million. 730 Equity Corp, on the other hand, argued that the property could be worth as much as $20.65 million.
Brooklyn Supreme Court Justice Wayne Saitta recently reviewed reports, accounting for the costs of lawyers and other city planning consultants integral to the rezoning process, and concluded that the actual value of the property is about $9.186 million and that a hotel on the site would, in fact, be feasible.
· "Judge values condemned Atlantic Avenue property at over $9 million" [Brooklyn Eagle]
· "Valuation of condemned Brooklyn site paves way for hotel" [TRD]
· All Atlantic Yards coverage [Curbed]