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Modest Clinton Hill Lot Goes For Big Bucks

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A nondescript Clinton Hill building could one day be transformed into a residential apartment building complete with penthouses. The building, located at 547-549 Myrtle Avenue recently went on the market, and already, interest is strong, according to Michael Annunziata, a broker with Massey Knakal Realty Services. The asking price is $3.5 million. “Myrtle Avenue is very hot right now,” Annunziata said. The property sits on a 5,000 square foot lot. Annunziata said the property will be delivered with approved plans from the city’s Department of Buildings calling for a six story residential building with 10 apartments and two ground floor retail components. Plans call for two two-bedroom penhouses. The building sits in a mixed use zone, and construction of the residential building may proceed without any special approvals. On the site now stands a vacant frame building with an accompanying lot. The building will be razed to give way to the residential building. The building is located in the Myrtle Avenue Retail Corridor and is close to Steiner Studios, Pratt Institute and Fort Greene Park. “It’s an interesting site and a good opportunity,” Annunziata said. He said the property has been on the market for three weeks, garnering attention from a broad range of investors. Given the region’s soaring values, its no wonder interest has been high. Sale prices in nearby Fort Greene, climbed by 82 percent in just one year, from $250,000 to $456,000 in 2005, according to the Real Estate Board of New York (REBNY), Residential Sales Report 2005. Prices across Brooklyn increased to an average of $478,000 according to the report.

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