Two Vacant Lots – 21,000 Total BSF

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of two residential development sites in the rapidly changing neighborhood of Bedford-Stuyvesant. Both sites are owned by the neighboring church and present a unique opportunityto acquire additional air rights beyond those available with the current zoning. The properties will be subdivided and delivered as separate tax lots prior to closing. The two 25 ft x100 ft lots are on either side of the church and the lots’size and price point makes building rental units a realistic option, one which has become increasingly difficult to find since the expiration of the 421a tax abatement. Rents in this area are averaging approx. $42-$45/SF. Additionally this is a verypopular market for three family townhouses, which fall into the lower tax category and don’t require the 421a tax abatement. The lots are located facing Fulton Street between Sumpter Street and Patchen Avenue within close proximity of both the Utica Avenue A & C trains and the Gates Avenue J & Z trains. Both locations allow very easy access to Manhattan in approx. 20-25 minutes. Bedford Stuyvesant is one of the most dynamic real estate submarkets in New York. Dollar volume for commercial transactions in this neighborhood were over $475 Million in 2015.