Brooklyn-based Level One Holdings is gearing up to begin construction on a 6-story residential building at 496-498 Prospect Place. Situated between Grand and Classon avenues, the development site is located at the border of Prospect Heights and Crown Heights, just a stone’s throw away from the grand steps of the Brooklyn Museum and the Brooklyn Botanical Gardens. The property, which holds a soon-to-be-demolished nondescript building, was acquired for an undisclosed amount from Ora Worrell, who bought the property in 1986 for only $30,000.
According to Level One’s page, the new venture will span nearly 11,000 square feet and will house six luxury condos. Unapproved permits show Manhattan-based Issac & Stern Architects are the designers, and the published rendering shows a subdued, red-brick facade with large windows framed in sets of two. Each floor will hold just one apartment and each unit will average roughly 1,230 square feet.
Pre-existing one-story building at 496-498 Prospect Place; Google streeview
The current average closing price for a condo in Prospect Heights stands at $1,117 per ft², which is near the neighborhood's record average set in November last year. There are presently 39 condos for sale in the neighborhood with a median asking price of $1.635 million or $1,349 per ft².
Level One is developing several residential projects in Brooklyn that include The Dekalb
at 740 Dekalb Avenue, and a four-story apartment complex at 406 Prospect Place, which is about a block away from 496 Prospect Place.
Prices for Prospect Heights condos are near record levels; CityRealty
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