35,000 BSF Residential Conversion
4302 Fourth Avenue
Closed 07/15/2015 at
just a few blocks from the Brooklyn-Queens Expressway
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TerraCRG has been retained to exclusively represent ownership in the sale of the development site at 4302 Fourth Avenue in Sunset Park with 35,000 buildable SF. There are two existing Police Precinct and stable buildings on the property with a total of ~20,000 existing SF. The buildings are landmarked.
Located on the corner of 43rd Street and Fourth Avenue the romanesque revival castle-like structure was the former 68th Police Precinct station house and stable built in 1886. There are two existing buildings on the C2-4/R7A zoned property, a 2-story 5,952 SF and a 3-story 14,040 SF building, totaling 19,992 gross existing SF. In addition there are 14,567 Sf of available Air Rights, some of which may be utilized on the property. Because of the landmark status of the property, any un-utilized air rights have greater flexibility to be transferred. Both buildings are vacant in need of full gut renovation.
The property is prime for residential development as Sunset Park one of Brooklyn’s strongest sub-markets , just south of Park Slope, continues to transform. The property is in close proximity to Industry City, Jamestown Properties’ conversion of a 6.5-million-square-foot complex of industrial, office and retail space into a bustling creative business hub along the waterfront.
As a result of a shortage of quality for-sale housing options and condo pricing in neighboring South Slope exceeding the $1,000/SF level, condo pricing in Sunset Park is expected to reach $850/SF and new construction residential rents in the area are reaching $50/SF.
The property is only two blocks from the R train at 45th Street with N, D trains only one stop away at the 36th street subway stop. The BQE (I-278) is just a few blocks away providing additional accessibility to the property.
Sunset Park is a neighborhood in the western section of Brooklyn, it is a demographically diverse neighborhood of approximately 160,000 people. The neighborhoods’s growth has been spurred in large part because of it’s excellent transportation infrastructure. The major commercial corridors are located along Fifth Avenue and Eighth Avenue. There are numerous well-known national tenants located along both of these commercial drags as well as an established presence of some of the city’s best ethnic restaurants catering to the large Latino and Chinese communities.