Corner Development Site w/421A eligibility - 17,600 BSF

Overview

TerraCRG has been retained to sell the development site located at 375 De Witt Avenue in the East New York neighborhood of Brooklyn. The property is situated on the corner of De Witt Avenue and Williams Avenue. The corner site has a 80 ft x 100 ft footprint for a total lot size of 8,000 SF. The site is eligible for a 421a tax abatement because it is located outside of the exclusionary area. The R6 zoning allows for a 2.2 FAR for a gross buildable of 17,600 SF. Gross buildable square footage for the site is raised to 38,400 SF with the addition of a community facility. The property is being offered at $39/BSF as of right now. The property is conveniently located just five blocks from the New Lots Avenue L train subway stop, and just a short distance from the 3 train at either the Junius Street or Pennsylvania Avenue subway stops.