Compiled by Linda Collins
Brooklyn Daily Eagle
PARK SLOPE — Describing it as “a fabulously well-located Brooklyn development site,” a property on Garfield Place in Park Slope was sold for $5.2 million in a deal brokered by Eastern Consolidated.
Eastern’s Marcia Yawitz and Ben Tapper represented the seller, 25 Garfield LLC, while Eastern’s Martin Ezratty represented the buyer, Maxburgh Companies. Both seller and buyer are New York City-based developers. Paul J. Nigido was the financial analyst and Lisa Segal, Esq., of Greenberg, Traurig, represented the buyer in the transaction.
The L-shaped property, which runs through to Carroll Street, is at 23-31 Garfield Place (aka 578-582 Carroll St.) between 4th and 5th avenues, has a footprint of 10,150 square feet with 100 feet of frontage on Garfield and 60 feet of frontage on Carroll. Currently, it contains a vacant one-story warehouse building built in 1962 that fills the site.
According to Tapper, the previous owners had planned to knock down the warehouse to build something new and had gone so far as to obtain architectural plans for the site, but then decided not to proceed for several reasons.
“For one thing, the Park Slope market right now is obviously one where there is a growing demand for new residential,” he said, “and then there was an opportunity to sell property as is.”
According to Ezratty, the new owners also plan to demolish the existing warehouse and have already selected an internationally-known architect to design a new residential building.
“The firm Ten Arquitectos, led by Enrique Norton and Sean Ludwick, are designing a building with 20 family-oriented condos, 12 parking spaces, a 4,000-square-foot English-style garden, and an expansive 6,000-square-foot rooftop solarium.
“Parking is exceptionally difficult in Park Slope, known as one of the city’s hottest neighborhoods, and permission to include a parking facility in the proposed new scheme was another factor that drove the deal,” said Ezratty.
“This property’s location is definitely A-list,” he added, referring to its location near the shops and restaurants of Fifth Avenue.
PropertyShark.com reports the property last sold in 2005 for $2.2 million.
© Brooklyn Daily Eagle 2007
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