Residential Development Site in Cypress Hills
2771-2777 Atlantic Avenue
Cypress Hills
Closed 08/19/2021 at
$2,950,000
B14. B20, Q24, B83
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Overview
TerraCRG has been retained to exclusively market a residential development site located at 2771-2777 Atlantic Avenue, between Miller Ave and Van Siclen Ave in Cypress Hills. The site, located within an Opportunity Zone, allows for approximately 43,700 BSF and is zoned R8A, C2-4, EC-5/ R5B (small portion) with Mandatory Inclusionary Housing. There are currently
three mixed-use buildings on the lots that will be delivered vacant.
Opportunity Zones were created under The Tax Cuts and Jobs Act of 2017 to encourage private investment in distressed communities around the United States. The Special Enhanced
Commercial District designation (EC-5) also promotes and maintains a lively and engaging pedestrian experience along commercial avenues by implementing a vibrant mix of retail,
office and community facility uses on the ground floor of new developments.
Attractions
Convenient subway access to the J/Z lines can be found one block away at the Van Siclen Avenue Station, and just one stop away at the major transit hub Broadway Junction with access
to the A/C/L/J/Z lines. The property is also near Highland Park with access to community tennis, basketball, and volleyball courts.