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.
“Brooklyn was a $1 billion market then and we’re looking at a $6 billion market today,” Ms. Warren said. “It’s just a really rare asset. In our business, as you know, timing is everything.”
Condo prices in Clinton Hill will soon reach $1,200 per square foot and townhouses in the area are selling for over $2 million, according to company officials.
802 LLC, an entity that lists 25 Lexington Avenue as its home address, currently owns the building, according to property records. Ms. Warren declined to further identify the owner.