Hudson Companies pays $41.5M for development parcel in Crown Heights

Hudson Companies through the entity Nostrand Green LLC paid $41.5 million to Stratford Land Development Company and Midwood Investment & Development through the entity Nostrand 975 LLC for the retail building (K1) development site at 975 Nostrand Avenue in Crown Heights, Brooklyn.
The deal closed on August 25, 2021 and was recorded on September 3, 2021. The Real Deal reported on this sale here.
The property has 15,932 square feet of built space and 195,954 square feet of additional air rights for a total buildable of 211,976 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,604 and the price per buildable square foot is $195 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for Stratford Land Development Company and Midwood Investment & Development was James R. Caissy and John Usdan. The signatory for Hudson Companies was Joseph Kohl-Rigges.

Within a 400-foot radius of 975 Nostrand Avenue, PincusCo identified two commercial real estate items of interests occurred over the past 24 months.
Of those two items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on February 21, 2020 for the $281,160 renovation of 6,977-square-foot R-2 building with 10 residential units at 324 Empire Boulevard.
One of those two items was a loan which Joseph Landau borrowed $28.8 million from Bank Leumi secured by the 151,236-square-foot, 97-unit rental (D1) on 377 Montgomery Street and one other property on August 9, 2021.

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