Development Site – ~188,000 Gross SF
10 Nevins Street
Downtown Brooklyn
Closed 10/19/2015 at
$50,000,000
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718-768-6888
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the development site at 10 Nevins Street in Downtown Brooklyn. The site has plans for the development of a mixed-use project with 184 residential units and retail space on the ground floor, totaling ~188,000 gross SF.
10 Nevins is ideally located at the nexus of retail, culture, business and residential development that came to define this unique corridor.
The zoning allows for either of up to ~162,228 FAR SF for an inclusionary multifamily development, or ~135,190 FAR SF for a market rate residential, retail, hotel, office or mixed-use development.
The plans for the free-market component are fully approved, and the plans for inclusionary component can be approved immediately with either the acquisition of inclusionary air rights certificates (for a 12.0 FAR free market project) or an inclusionary program (for a 12.0 FAR mixed income project) approved by HPD.
The demolition is currently taking place on part of the sity and it will be delivered substantially shovel ready. The ability to start construction immediately makes this a unique opportunity to capture the robust residential market in Brooklyn and build either a rental multifamily or a condo project within the existing approved envelope.
The property is located on Nevins Street at the intersection of Fulton Street and Flatbush Avenue. The property has 100 feet of frontage on Nevins Street and 43.5 feet of frontage on Livingston Street.
Attractions
Downtown Brooklyn is the third largest central business district in New York City (following Midtown Manhattan and Lower Manhattan), and is located in the northwestern section of the borough of Brooklyn.
Since the 2005 rezoning, Downtown Brooklyn has been undergoing a complete revitalization with several large scale commercial and residential development projects including Barclays Center, Pacific Park, City Point and the quickly expanding BAM – Downtown Brooklyn Cultural District.