The residential and retail property, at 260 Flatbush Avenue, also known as 89-91 Prospect Place, is being exclusively marketed by Eastern Consolidated. The buyer can erect a seven-story addition on top of the existing 3,975-square-foot, one-story structure.The seller paid $3.98 million in November 2006. The site is a few blocks from the Barclays Center.
The approved plans for the building call for a 20,335-square-foot mixed-use building with 14 residential units accessible via a lobby entrance on Prospect Place, a recreation room for tenants and one retail space with 31 feet of frontage on Flatbush Avenue. The existing structure spans the entire block-through lot and includes a full basement, which houses the building’s primary systems.
Pacific Park Brooklyn is seriously delayed, Forest City Realty Trust said yesterday in a news release, which further acknowledged that the project has caused a $300 million impairment, or write-down of the asset, as the expected revenues no longer exceed the carrying cost.
The Cleveland-based developer, parent of Brooklyn-based Forest City Ratner, which is a 30% investor in Pacific Park along with 70% partner/overseer Greenland USA, blamed the "significant impairment" on an oversupply of market-rate apartments, the uncertain fate of the 421-a tax break, and a continued increase in construction costs.
While the delay essentially confirms the obvious, given that two major buildings have not launched despite plans to do so, it raises significant questions about the future of the project, including:
if market-rate construction is delayed, will the affordable h…