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- LoopNet Team
608 Ocean Ave
Brooklyn, NY 11226
Shovel-Ready Residential Development Site · Land For Sale
·
0.13 AC
INVESTMENT HIGHLIGHTS
- Shovel-ready
- Foundation footings in place
- Approved plans for 31 units
- Eligible for 421-a tax abatement
PROPERTY FACTS
| Property Type | Land | Proposed Use | Apartment Units |
| Property Subtype | Residential | Total Lot Size | 0.13 AC |
| Zoning | R7A | ||
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Apartment Units |
| Total Lot Size | 0.13 AC |
| Zoning | R7A |
DESCRIPTION
Currently vested for the previous 421-a program with footings in the ground, the site will be delivered with approved plans for a 31-unit multifamily project. Since the site currently remains eligible for tax benefits under the 421-a pro-gram with active plans, this unique opportunity affords the developer the option to (1) build condos with a significant tax credit passed on to the condo purchasers (under 421-a program) or (2) qualify for the current 35-year Affordable NY (AFNY) program and build rentals. As the June 2022 expiration deadline for AFNY approaches, the offering will ensure an expedited and cost-efficient pre-development process. Under the current set of approved plans, the project calls for an 8-sto-ry elevator building yielding ~22,000 SF of residential FA and will feature a mix of duplexed studios and one-bedroom apartments, along with private balconies and terrace space. The units feature in-unit washer/dryers as well as home office space with windows, which can be flexed into a second bedroom.
PROPERTY TAXES
| Parcel Number | 05100-0066 | Improvements Assessment | $906,300 |
| Land Assessment | $821,700 | Total Assessment | $1,728,000 |
PROPERTY TAXES
