Flatbush - Nicely maintained 5 bedroom 2 bath, 2 family attached brick, built 20' x 55', with hardwood floors throughout, finished basement and yard. Spacious top floor (rental) contains 3 bedrooms + dining room, modern kitchen & bathroom. On first floor owner has a large, attractive apartment (may need additional time to vacate after closing) containing 2 bedrooms, modern eat-in-kitchen, modern bathroom, access to finished basement, rear deck and private yard. Oil tank (2019) Water main (2019) Oil boiler (2016) and Gas line (2015). Convenient to #2, #5 subway & B12, B35, B44, B49 buses.
"This property has room to grow. Owners may be able to build an additional 4,744 square feet at this address.
The existing structure is 2,160 sq ft but zoning allows for 6,904 sq ft.
What can be built? With the 4,744 sq ft of unused development rights (also called “Floor Area Ratio” or “FAR”), the owner could add three or more additional floors to the existing 2-story structure.
What about air rights? In some cases, unused development rights can be sold to adjacent lots; when sold, unused development rights are called “air rights.”
In New York, air rights can sell for as much as $200 per sq ft. On this property, that could mean $948,800 in added value. To determine if there is a receiving site and negotiate an offer, one should consult a professional." (Information courtesy of Localize.city)
