Residential Development in Columbia Street Waterfront District
55-61 Summit Street
Columbia Street Waterfront District
SB Red Hook Ferry
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55-61 Summit Street is located in the Columbia Street Waterfront District of Brooklyn.
The property, located between Columbia Street and Hamilton Avenue, is comprised of four lots totaling 8,000 SF and is currently occupied by a one-story garage and vacant land. 55-61 Summit Street was recently rezoned to a Mandatory Inclusionary Housing site with an R6B designation, allowing for a total of 17,600 BSF with a 2.2 FAR.
The site can accommodate the development of a five-story rental building, or, four, 20-foot-wide townhouses. Three townhouses can be marketed as for-sale condominiums and one as a MIH rental. Sellouts for luxury condos in the area are projected upwards of $1,300/SF, and rental units are going for $60/SF.
The quiet, residential blocks surrounding the property are lined primarily with townhouses, punctuated by occasional new developments. Situated in School District 15, the location is ideal for any family searching for a quiet, community-oriented neighborhood. A few local attractions nearby are the Jalopy Theatre and School of Music, Tesla, Clayworks, and a 5-10 minute walk to One Brooklyn Bridge Park.
The property is also situated between two of Brooklyn’s most sought-after neighborhoods – Carroll Gardens and Cobble Hill – where condo sellouts are above $1600/SF. Smith Street and Court Street are the two major retail corridors that run through the adjacent areas, and include popular eateries, bars, and boutiques including Milk Bar, Zombie Hut, The Painted Pot, East One Coffee Roasters and more. Red Hook is also a nearby hotspot that attracts thousands of tourists every year to its unique restaurant and bar options, historical district, and dozens of independent art galleries.