David Seferstein Acquires Lincoln Place Apartment In Crown Heights For $3.6M

An apartment building located at 1238 Lincoln Place in Crown Heights, Brooklyn has been sold in a recent transaction. The property, with a total square footage (SF) of 7,579, was sold for a price of $3,614,625. The building has an above-grade building square footage (BSF) of 25,228 and a price per above-grade building square footage (PPBSF) of $143. The price per square footage (PPSF) of the entire property is $476. The lot size of the property is 10,382 square feet, with dimensions of 28.17 ft x 110.25 ft. The property falls under the zoning classification of R6, allowing for residential development. The last recorded sale of the property took place on May 31, 2013, for a price of $2,100,000. A permit for an alteration was issued on May 8, 2020. The property has a floor area ratio (FAR) of 0.73 and is classified as tax class 2B.

Summary of transaction details:

• Property Type: Apartment
• Transaction Amount: $3,614,625
• Buyer: David Seferstein
• Seller: Helmut Borchert
• Market: Crown Heights, Brooklyn
• Lot Size: 10,382 square feet
• Last Sale Price: $2,100,000 (5/31/2013)
• Permits: Alteration (05/08/2020)
• Asset Type: Apartment
• Zoning: R6

The buyer in this transaction is David Seferstein, represented by his broker at the deal. The seller of the property is Helmut Borchert. The property is situated in the vibrant market of Crown Heights, Brooklyn. It offers a prime investment opportunity for residential development, given its zoning classification of R6. With a total square footage of 7,579 and a lot size of 10,382 square feet, there is ample space for potential projects. The property's previous sale on May 31, 2013, was recorded at a price of $2,100,000. An alteration permit was issued on May 8, 2020, indicating potential changes to the property. The deal reflects a transaction amount of $3,614,625, with a price per square footage (PPSF) of $476. Overall, this transaction exemplifies the increasing value and potential of properties in Crown Heights, Brooklyn.