For Sale - The Home for the Aged (Will Be Delivered Empty!)

Aged? Not Looking A Day over 100!

One of my favorite properties in the nabe is up for sale, for a cool $20 million. Perhaps you've visited our good Councilman? If so, you've been to the above building on Linden between Bedford and Rogers.

From the Wall Street Journal, via neighbor Kendall, comes this story:

A development site with a rare tax abatement is on the Brooklyn market for $20 million. New York Congregational Community Services, a senior care provider, is selling 123 Linden Blvd. in the Flatbush neighborhood; the four-story building has air rights of about 250,000 square feet for residential use. The site alternatively could be built to about 316,000 square feet for a community building under its current zoning. James Nelson and Nick Mahedy of Massey Knakal Realty Services are handling the sale. The site is eligible for a 15-year tax abatement through the 421a program, which was used to encourage development in underused areas. The program was revised in 2008 to require 20 % affordable housing in new developments. The Flatbush site, however, is eligible for the program even if a building with all market-rate apartments was built, said Mr. Nelson. The asking price is about 80 a buildable square foot, less than the $300 a buildable square foot in Brooklyn neighborhoods closer to Manhattan, he said. Mr. Nelson expects the property to attract developers who have focused elsewhere in the city. "I think there are many developers who would love to build rental, but they can't, because of the price of land." —Roland Li

Despite my spoof to the contrary, the home does not currently house any old folks. That job happens in a separate facility, which is not part of the sale and intends to continue to operate. Visions of granny being dropped on the pavement aside, this does spell yet another major transition for yet another block in the 'hood.