(BROOKLYN, N.Y.) New York-based real-estate development firm Mortar Group recently closed on the acquisition development site at 319 Prospect Place in Prospect Heights, according to a press release.
Construction on a new five-story, eight-unit luxury residential development is scheduled to begin this summer, with an estimated project valuation of $16,600,000. The project is expected to take two years to complete, and sales will commence as the project nears completion.
Mortar Group has worked on real estate projects in Brooklyn in recent years, including 30 Bushwick Ave. and 33 Frost St. in Williamsburg.
"Great locations for development in historic neighborhoods like this are extremely rare, so we are very excited to have the opportunity to work in Prospect Heights, and to get started on this new endeavor," Mortar Group founder Anthony Morena said in the release.