Loketch Group and Meral Property Group pay $29M to Salvation Army for development in Clinton Hill

Loketch Group and Meral Property Group through the entity Quincy Street Investors LLC paid Salvation Army’s The Salvation Army $28.5 million for 22 Quincy Street in Clinton Hill. The deal closed on December 30, 2019, and was recorded on January 14, 2020. The transaction consists of 1 parcel, including the tax class semi-fireproof manufacturing building (F4). The property is 70,182 square feet. The parcel(s) have total development potential of 70,182 square feet.
The average sale price per square foot is $406.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $6,100,000. Those filings sought to increase the number of residential units by 46 to 46There has been one new building permit application totaling 26,389 square feet. Those plans include a total of 43 residential or hotel units.
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