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Community Corner

Vacant Lot and Warehouse Snatched Up for Millions in Prospect Heights

Could developers be moving into to turn a Prospect Place warehouse and an Atlantic Yards-area vacant lot into new residential buildings?

Prospect Heights recently saw two big real estate transactions, though with uncertain plans, it’s difficult to tell whether or not the neighborhood will see new residential units, or possibly a large commercial space.

A warehouse at 363-371 Prospect Place, between Underhill and Washington avenues, sold to a Manhattan-based developer for $4.2 million, says Brownstoner. The building is 30,000 square feet, with frontage on both Prospect Place and St. Marks Avenue, says the blog. Last December, the Department of Buildings shut down plans for a residential conversion and two-story addition (for 44 proposed units), but since the building has been under contract since June 2011, “those plans may still be in the cards,” says Brownstoner.

Borough Builders, Inc. bought the vacant residential land just a block from Atlantic Yards at 650-654 Bergen Street (between Vanderbilt and Underhill Avenues) for  $2.7 million in an all-cash transaction, a record for 22,270 square feet of buildable area, says CoStar Group. The post says that there were no approved plans, no foundation in place and no tax abatement on the parcel.

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