119,913 Buildable SF Zoned R7D/C2-4
725 Myrtle Avenue
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725 Myrtle Avenue is mixed-use multifamily development site along one of the busiest corridors in Brooklyn on the Clinton Hill and Bedford Stuyvesant border.
This is a unique opportunity to acquire a rental development site that could accommodate over 100 residential units in one of the fastest growing sub-markets of New York City.
Located on the corner Sanford Street, 725 Myrtle Avenue is a ~14,677 SF lot with 161 feet of frontage along Myrtle Avenue. The property is zoned R7D/R6A/C2-4 with a Mandatory Inclusionary Housing requirement. The site has to be developed as a mixed-use multifamily rental project with the new affordable NY tax abatement program. 25% of the residential units are designated as inclusionary affordable with pre-determined income level restrictions of 40% and 60%. The same affordable units could also qualify for the Affordable NY 35-year tax abatement program Option A.
The ~82,135 BSF property is also located within a FRESH-eligible area, allowing for one additional square foot of floor area in mixed-use residential development for every square foot provided for a grocery store. The gross buildable square footage with the mandatory Inclusionary Housing plus the FRESH program is [~119,913].
The brownstone-rich Bedford-Stuyvesant neighborhood has gone through a robust revitalization over the last decade. In particular, this specific section of Bedford-Stuyvesant, close to Clinton Hill has seen a strong demographic shift, pushing rents, condo sale prices, and brownstone prices to compete with more established areas such as Fort Greene and Clinton Hill. Condo prices in the immediate area are projected at $1,000/SF, rental rates have been climbing towards $60/SF, and brownstones are achieving prices above $2 million.
Just a few blocks away, Pratt Institute has officially opened a new six-story, 120,000-square-foot green academic and administrative facility named Myrtle Hall at 536 Myrtle Avenue. Pratt Institute is recognized as one of the best art, design and architecture school colleges in the northeast and has an enrollment of almost 5,000 students from more than 60 countries and all 50 states.
To the north, The Brooklyn Navy Yard is amidst a robust revitalization with several development projects, including Wegmans Food Market, Building 77, Dock 72 and the Steiner Studios expansion.
The property is located within walking distance from Brooklyn Academy of Music and the Barclays Center. The commute to Union Square in Manhattan is only 25 minutes with the Myrtle-Willoughby Ave G train stop just few blocks away.