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991 Eastern Pky 0.24 Acres of Residential Land Offered at $4,500,000 in Brooklyn, NY 11213
Investment Highlights
- Prime Eastern Parkway frontage with strong visibility and traffic
- Property is within walking distance of the Utica Avenue [2, 3, 4, 5] train station.
- Previously approved plans included three separate buildings totaling 39 condominium units.
- Up to ~59 residential units achievable under UAP program.
Executive Summary
The property is partially improved, with foundation work done and the existing façade reinforced, allowing a developer to step in and save both time and construction costs.
Zoned R6, the site offers approximately 28,129 buildable SF as-of-right and up to 40,505 buildable SF under UAP, allowing for a project of roughly 59 residential units.
Located along Eastern Parkway near the Utica Avenue (2, 3, 4, 5) subway lines, the property benefits from strong visibility, accessibility, and continued development activity throughout Crown Heights.
This is a straightforward development opportunity with real scale, in-place work completed, and a clear path to execution in one of Brooklyn’s most active submarkets.
Property Facts
| Price | $4,500,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| Sale Condition | REO Sale | Proposed Use | Apartment Units |
| No. Lots | 1 | Total Lot Size | 0.24 AC |
| Zoning | R6 - Medium density residential district | ||
| Price | $4,500,000 |
| Sale Type | Investment |
| Sale Condition | REO Sale |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Apartment Units |
| Total Lot Size | 0.24 AC |
| Zoning | R6 - Medium density residential district |
1 Lot Available
Lot
| Price | $4,500,000 | Lot Size | 0.24 AC |
| Price Per AC | $18,878,927.34 |
| Price | $4,500,000 |
| Price Per AC | $18,878,927.34 |
| Lot Size | 0.24 AC |
10,386 SF through-lot spanning Eastern Parkway and Lincoln Place, offering approximately 66 feet of frontage on Eastern Parkway and an additional 28 feet on Lincoln Place.
Description
991 Eastern Parkway is located in the heart of Crown Heights along one of Brooklyn’s main residential corridors. The property sits directly on Eastern Parkway, providing strong visibility and easy access to the Utica Avenue (2, 3, 4, 5) subway lines. The surrounding area has seen consistent residential development and strong rental demand, driven by proximity to Prospect Park, the Brooklyn Museum, and a growing mix of retail and neighborhood amenities. Crown Heights continues to attract both renters and end-users due to its accessibility, neighborhood character, and ongoing growth, making it a proven location for new residential development.
Property Taxes
| Parcel Number | 01389-0023 | Improvements Assessment | $177,750 |
| Land Assessment | $233,550 | Total Assessment | $411,300 |
Property Taxes
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991 Eastern Pky
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