Overview

TerraCRG has been retained exclusively to represent ownership in the sale of 274 E 32nd Street, a residential development opportunity in Flatbush between Cortelyou and Clarendon Road with DOB approved plans for two 3-story three family buildings.

The vacant 4,000 SF lot has 40 ft of frontage and is zoned R6 allowing a 2.2 Residential FAR for 8,800 ZFA. With the new 485x tax abatement program, this project could qualify for Option B or C, depending on the number of dwelling units, to receive a 10 or 35-year exemption. Additionally, the Mayor’s City of Yes proposal – if approved – would increase the allowable residential FAR to 3.9 under the UAP framework as well as waive parking requirements and reduce the minimum unit density factor allowing for a larger building with more units.

The offering is situated on a tree-lined residential block between Nostrand and New York Avenue retail corridors just a few blocks away from the 2 and 5 subway trains at the Beverly Road stop allowing access to Greater Downtown Brooklyn and Manhattan in just 20-30 minutes. Kings Theater, Prospect Park, Brooklyn College and Barclays Center attractions provide local amenities and activities.

Central Brooklyn is one of the last submarkets in the borough with significant and immediate upside in rents and condominium prices making it one of the more attractive areas for new ground-up boutique and luxury development. Commercial property in Flatbush is being coveted for the current population density and future growth opportunities with a diverse mix of national tenants such as Planet Fitness, Chase, IHOP, Target, and Dunkin’ Donuts along with thriving local family businesses.