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CPEX Deal of the Week

New York Multifamily
New York Multifamily
April 02, 2015 CPEX Real Estate Staff Reporter, Bisnow

Everyone can’t stop talking about the residential towers going up in Downtown Brooklyn, but what about the rest of the borough? Surprisingly, Prospect Lefferts Gardens is making waves in the development world with Hudson Cos’ recent $23M acquisition of 350k buildable square feet on the corner of Nostrand and Clarkson avenues. They just purchased the second of two adjacent assemblages that will accommodate plans for 420 apartments. CPEX’s Sean R. Kelly, Esq., who represented the sellers in each of the transactions with Hudson, told us, “With rents spiking in Downtown Brooklyn, Park Slope and the surrounding neighborhoods, there has been increased interest in development sites in Prospect Lefferts Gardens to meet the demand for lower rents.” That heightened interest has led to four other listings for Sean and his team in PLG—not bad for a neighborhood still flying under the radar. To learn more about development projects and prospects in PLG, contact Sean and the CPEX Development & Conversion Team or visit www.cpexre.com.

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