Asset CRG Advisors has stitched together an $18.1 million long-term ground lease with a purchase option for 358 Flatbush Ave., a high-profile corner development site between Park Slope and Prospect Heights that looks out over Grand Army Plaza and Prospect Park. The deal clears the path for an 11-story project slated to bring roughly 65 residential units and a hefty amount of ground-floor retail to one of Brooklyn's most trafficked crossroads. The property still holds a one-story, approximately 5,965-square-foot building, but all told the site delivers about 40,554 buildable square feet, much of it created through air-rights transfers.
According to the New York Real Estate Journal, the transaction was valued at $18,112,109.15 and was arranged by Sadya Liberow and Shariel Benshar of Asset CRG Advisors, while the land itself remains in the hands of the longtime owner Pintchik family. NYREJ reports that the site pencils out to about $447 per buildable square foot and that the existing 5,965-square-foot structure implies a price of roughly $3,036 per square foot. The outlet also notes that the developer locked in more than 16,000 square feet of transferred air rights to bulk up the parcel's development potential.
Permits filed for 11-story, 65-unit mixed-use building
Permits filed in late May call for an 11-story mixed-use building with 65 apartments and approximately 19,000 square feet of ground-floor retail, with Ami Weinstock listed as developer and KAO-HWA LEE Architects named as designer. That permitting detail comes via CityRealty, which also highlights planned amenities such as rooftop access and bike storage. The filing frames the project as a corner retail-and-residential building positioned to capitalize on the relentless foot traffic swirling around Grand Army Plaza.
Recorded filings show lease, deed and zoning lot moves
Behind the scenes, title and recording documents show a flurry of legal and zoning maneuvers tied to the site. Public records reviewed by PropertyShark list a May 15, 2026 deed, a memorandum of lease and a zoning-lot declaration, along with recent permit activity for new construction and demolition. Taken together with the air-rights transfers described by the New York Real Estate Journal, the public record lays out how the development team assembled roughly 40,554 buildable square feet for the project.
Why the ground-lease structure matters
Long-term ground leases with purchase options let landowners hold on to fee ownership while giving developers enough control to entitle and build, a particularly handy structure in borough markets where outright fee deals are rare and lenders watch entitlement risk closely. This type of setup can help close the gap between what long-term owners think their dirt is worth and what builders can realistically finance. Owners keep their long-term upside, developers get room to secure capital and navigate the permitting maze, and the neighborhood gets new ground-floor retail and dozens of apartments within a short walk of multiple subway lines and Prospect Park. For the blocks that ring Grand Army Plaza, that likely means a livelier, denser streetscape once doors open.
Next steps
For now, the paper trail is doing most of the talking. Trade coverage and public filings have surfaced the key details, but no public developer statement accompanied the initial reports. With permits filed and legal documents recorded, the next checkpoints are demolition sign-offs, final Department of Buildings construction approvals and securing construction financing before any serious site work starts at this Flatbush Avenue corner.
