Nowak+Partners of Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 468 Flushing Avenue, a vacant lot located between Spencer and Walworth Streets in the Bedford-Stuyvesant neighborhood of Brooklyn (Block/Lot: 1716-0025). The subject property is a lot featuring 5,000 buildable square feet as-of-right based on M1-2 zoning. M1-2 zoning has a community facility FAR of 4.8, which would allow for 12,000 buildable square feet. The lot measures 25 ft x 100 ft for 2,500 square feet.
The property features 25 feet of frontage to Flushing Avenue, a growing retail corridor with local retail rents reaching $40 per square foot. It is also located steps away from the Myrtle Avenue retail corridor. This section of Bedford-Stuyvesant is going through a period of revitalization, benefiting from the booming development of the Brooklyn Navy Yard, only a short distance away.
468 Flushing Avenue offers investors and developers the opportunity to purchase a prime development property in the rapidly developing Bedford-Stuyvesant neighborhood. The property currently has a month-to-month tenant paying approximately $24,000 per year.
