NEW YORK—A local developer has purchased 172-174 Montague Street in the Brooklyn Heights neighborhood for $12 million. The Besen & Associates team of David Davidson and Lynda Blumber represented the seller, a private investor.

Constructed in 1925, the property is a two-story, 8,150-sq.-ft. retail building. It occupies 50 ft. of frontage on Montague Street and is built 95 ft. deep. The property is situated in the Downtown Brooklyn special district, under the C5-2/DB zoning designation. With a maximum allowable F.A.R. of 12, the property offers significant air rights with up to 60,000 buildable sq. ft.

The purchaser plans to build on the site in the future.

Montague Street is located in close proximity to public transportation and provides easy access to the Fulton Mall, courthouse and downtown business district.

Tenants at 172-174 Montague Street include a Hallmark store and a pub.