Overview

TerraCRG has been retained exclusively to represent ownership in the sale of 608 Ocean Avenue, a shovel-ready residential development opportunity located in Prospect Park South between Tennis Ct and Albemarle Rd.

Currently vested for the previous 421-a program with footings in the ground, the site will be delivered with approved plans for a 31-unit multifamily project. As the expiration deadline for Affordable New York (AFNY) approaches, this unique opportunity will ensure an expedited pre-development process. It will also allow for the option to develop either condos with the previous program or rentals with AFNY, both offering a tax abatement.

The vacant 5,625 SF lot features 37.5ft of frontage and is R7A zoned, allowing for a max residential ZFA of 22,500 SF. Under the current set of approved plans, the project calls for an 8-story elevator building yielding ~22,000 SF of residential FA and will feature a mix of duplexed studios and one-bedroom apartments, along with private balconies and terrace space. The units feature in-unit washer/dryers as well as home office space with windows, which can be flexed into a second bedroom.

Central Brooklyn and the area south of Prospect Park is one of the last areas in the borough with significant and immediate upside in rents and condominium prices. It is also one of the only areas in Brooklyn where land pricing still supports multifamily/rental housing development and large parcels of land are still undeveloped. This has made Central Brooklyn is one of the most attractive areas for new ground up boutique and luxury development.