Mortar Group Closes on New Development Site in Historic Prospect Heights, Brooklyn

Prospect Park

Mortar Group, a New York-based Real-Estate Development Firm, announced today that it has closed on the acquisition of a new development site at 319 Prospect Place in the Prospect Heights neighborhood in Brooklyn. With construction work slated to begin this summer, 319 Prospect will soon become the home to a new five-story, eight-unit luxury residential development. 

With a deep sense of community and historical significance, Prospect Heights is one of the most popular destinations in New York. For the growing and diverse community, the neighborhood offers to be a well-connected commuting hub with numerous train lines, access to the Long Island Rail Road, and most major arteries of transportation. Great schools, trendy eateries, and green spaces keep the neighborhood thriving, while Prospect Park, Brooklyn Botanical Gardens, and Brooklyn Museum serve as a village hub, drawing visitors from all boroughs.

In recent years, Mortar has worked on many successful real estate projects in the New York City area. Most recently, the team has commenced on work on several new developments throughout New York, namely, 30 Bushwick Avenue and 33 Frost Street in Williamsburg, Brooklyn, as well as North Park Lofts on the Hallett's Cove Waterfront in Astoria.

Mr. Morena added, "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."

About Mortar:
Mortar Group represents a premier real estate development and asset management firm with over 50 years of collective experience and expertise in construction, real estate development, and investments - having successfully completed over two dozen real estate projects in New York City. Mortar is a vertically integrated firm with completed assets valued over $289 million and over 300 active investors participating in their projects, establishing them as an expert in their market.

Mortar is a uniquely qualified company established to create value in New York's highly competitive multi-family real estate market: their in-house resources allow them to fulfill every role of the real-estate process as architect, developer, and asset manager. Specializing in multi-family Ground Up construction and Value Add Real Estate, Mortar's streamlined process maximizes efficiency, increases value, and minimizes risk across complex deal structures. Mortar's comprehensive resources allow them to outmaneuver other real estate investment firms and has led to over two decades of success and investor growth. 

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Francesca Gaccione


Source: Mortar Group