Multifamily developer Jeffrey Gershon purchased a development property for $3.5 million in Crown Heights, Brooklyn at 906 Prospect Place between New York Avenue and Brooklyn Avenue.
Mr. Gershon, who owns at least two other properties in Brooklyn and Queens, snapped up a 24,349-square-foot site with 80 feet of frontage on Prospect Place that offers the residential developer an opportunity to tap into a hot market around the vacant lot located less than one block from the Brooklyn’s Children Museum and Brower Park, said Israel Segal of MNS Real Estate.
“Crown Heights is a burgeoning neighborhood that has generated a significant amount of interest from developers,” Mr. Segal said in a prepared statement. “The neighborhood has benefitted tremendously from rising real estate prices in Brooklyn and investors are setting their sights on the area because they know that within a very short amount of time, Crown Heights will become one of Brooklyn’s most popular neighborhoods. 906 Prospect Place presented the buyer with an opportunity for a significant return on investment.”
Mr. Segal, who worked as the sales agent for the property in MNS’s investment sales and advisory division, arranged Mr. Gershon’s purchase from the previous owner, PLDC Inc., MNS representatives said.
Mr. Gershon is currently developing a 46-unit mixed-use building at 190-196 South 1st Street in Williamsburg and a 175-unit structure at 22-22 Jackson Avenue in Long Island City. Brownstoner first reported the sale.
Update: This story was updated with credit to Brownstoner for reporting the sale first.