5,000 Buildable SF Zoned M1-2
209 Butler Street
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TerraCRG has been retained to exclusively represent ownership in the sale of 209 Butler Street, a vacant, M-zoned lot in the Gowanus neighborhood of Brooklyn.
The 2,500 SF lot, situated in the proposed Gowanus rezoning area, will be delivered vacant. The property is located on Butler Street, between Bond Street and Nevins street, and is zoned M1-2, allowing for a total of 5,000 buildable SF.
Gowanus is a neighborhood that is in the midst of a dramatic transformation. What was once a heavily industrial and warehouse driven neighborhood is now full of converted industrial buildings and new residential developments. Blocks away on Third Street and Third Avenue, Whole Foods opened a 52,000 SF supermarket in 2013 and is now one of the most active Whole Foods in the country. Down the block on the corner of Sackett & Nevins Streets, Zagat rated restaurant, Freeks Mill, serves up a menu drawing from local farms. The list of notable attractions continues around the corner with Dinosaur Bar-B-Que, Royal Palms Shuffleboard, and Black Mountain Wine House.
For several years, the Gowanus area has been on the cusp of a proposed residential rezoning. In 2008/09, City Planning proposed a framework for mixed-use zoning. This process was stalled for two years. Now, local councilman Brad Lander, has restarted the zoning plan with the community and city planning. Among many proposed changes, a “mandatory mixed-use zone” in the current Industrial Ombudsman Area, in which this property is located, would be created while keeping the current Industrial Business Zone (IBZ) a protected “Gowanus manufacturing zone.” City Planning is currently in the formal study phase of the process.
Gowanus is surrounded by some of the most desirable residential neighborhoods – Park Slope, Carroll Gardens and Boerum Hill. One of Brooklyn’s newest and largest residential development projects is in the middle of Gowanus at 363 and 365 Bond Street – a 700-unit residential complex developed by Lightstone. Residential rents in this project and the neighboring Fourth Avenue corridor projects have soared over the past few years to $60+/SF. Condo sales in the vicinity are well above $1,400/SF and townhouse sales in the immediate vicinity have been setting new records.
The property is located just a seven-minute walk to the Bergen Street F station and twelve-minute walk to the Atlantic Avenue/Barclays Center subway station (4,5, N, Q, R, B, D trains and LIRR). The Atlantic Avenue station has an annual ridership of nearly 14 million making it the station with the highest annual ridership in Brooklyn.