51,000 BSF Development Site
172 Montrose Avenue
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TerraCRG has been retained to exclusively represent ownership in the sale of the 51,000 BSF residential development site at 172 Montrose Avenue in the East Williamsburg section of Brooklyn.
The rare 170 x 100 ft property is located between Graham Avenue and Humboldt Street, featuring 170 feet of frontage on Montrose Avenue. The 17,000 SF lot is zoned R6, which allows for 3.00 FAR as-of-right, giving the project 51,000 buildable square feet.
The property is located just one block from the L train stop at Montrose Avenue and is about a 10-minute walk to both the G train at Broadway Station and the J & M trains at Lorimer Street Station.
The property is situated in one of Brooklyn’s most popular areas to live, work and play and is well-suited for either a boutique condo or a rental multifamily project. The wide lot allows for a variety of flexible design options ranging from one large multifamily structure to several separate buildings/townhomes, or a combination of both. The low-rise nature of the contemplated project provides for significantly lower construction costs.
The lively atmosphere of the area has created strong demand for both residential and commercial uses. Popular commercial corridors are Graham Avenue to the west and Bushwick Avenue to the east. Both corridors are lined with popular cafes, restaurants, boutique shops and bar/cocktail lounges.
Residential rents for new construction buildings in this established area of Williamsburg are fetching over $60/SF and the recent condo pricing is projected at the $1,200/SF mark.