Last year, TerraCRG was marketing a 20-by-100-foot lot at 371 Lincoln Road, in the Prospect Lefferts Gardens section of Flatbush, using a rendering that looked a bit like others by Issac & Stern that we’ve seen recently.
They were advertising it as coming with plans for a six-story, five-unit building, and now those plans have been filed. Jonathan Rubin, based in Kensington, is listed as the owner on the deed, but with the time between filing permits and having them approved stretching up to a year nowadays, it’s unclear who the ultimately developer might be.
The building would be fairly high-end for the neighborhood, featuring full-floor units with keyed elevator access of around 1,000 square feet each, plus a duplex penthouse on top. The ceilings will be fairly high, with the six-story building standing 70 feet tall.
371 Lincoln Road traded hands earlier in 2014 for $255,000, for a very affordable $43 per square foot. The marketing flyer for the land cited likely rents that would work out to about $4,000 a month for the bottom six units, and twice that for the penthouse, though condos are also a possibility.
Because the site is on the gentrifying fringe, just east of Nostrand Avenue near the Sterling Street 2/5 stop, it falls outside of the 421-a geographic exclusion area – that is to say, a fully market-rate building would still qualify for a generous property tax abatement.
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