On the Market

Clinton Hill Loft Hits Market for $12M, Nearly Five Times Its Last Sales Price

25 Lexington Avenue

The owner of a vacant loft building in the Clinton Hill section of Brooklyn hopes to sell the property for $12 million after purchasing it for $2.5 million five years ago, Commercial Observer has learned.

TerraCRG is marketing the five-story building at 25-27 Lexington Avenue between Grand and Classon Avenues with approved plans in place to convert the empty building into a 23-unit, 30,024-square-foot luxury residential building, said Melissa Warren, a partner at the firm. The neighborhood marked by the Pratt Institute to the north and Barclays Center to the west will warrant the near-fivefold sales price increase, she said. Read More


Developers Help Fund Incubator at Willets Point

A rendering of Willets Point.

One day after The plan was reportedly part of a list of concessions that Related Companies and Sterling Equities agreed to when seeking approval for the one-million-square-foot mall next to Citi Field, pledging $165,000 to help fund the start-up costs for the entrepreneurial space.

“The incubator we are creating will work to recruit local merchants Read More

In Brooklyn

Pratt Institute Launches Fashion/Design Incubator

(Photo: Vicky Chan, Avoid Obvious)

Brooklyn’s Pratt Institute announced yesterday the launch of The Brooklyn Fashion and Design Accelerator, a 15,000-square-foot space in the former Pfizer building at 630 Flushing Avenue in Williamsburg that will provide low-cost space resources to launch high-potential startup ideas into businesses.

“The Accelerator is Pratt Institute’s vision for creating a bridge to success – a place where Read More

Sales Beat

Springhouse Pays $18.2 Million for Brooklyn Apartment Building


Springhouse Partners has teamed up with Avenue Realty Capital in the $18.2 million off-market purchase of 902-908 Bedford Avenue, The Commercial Observer has learned.

The 65,000-square-foot building is located in the Clinton Hill neighborhood of Brooklyn, just a few blocks from the Pratt Institute. 

“This area has seen significant positive changes over the past few years Read More

Sales Beat

Springhouse Pays $16M for Second Brooklyn Acquisition in Recent Months

105 Grand Avenue

Springhouse Partners has purchased 105 Grand Avenue, a 38,500-square-foot, newly-constructed residential building in the Clinton Hill section of Brooklyn for $16 million, sources tell The Commercial Observer.

The sale was an off-market deal brokered by Sean Lefkovits, Joe Koicim and Peter Von Der Ahe of Marcus & Millichap; and the seller was a group of undisclosed Brooklyn-based investors that decided to part ways, sources said. Read More