Overview

TerraCRG has been exclusively retained to represent ownership in the sale of 725 St Marks Avenue, a prime residential development site with fully DOB Approved Plans in Crown Heights between Nostrand Avenue and New York Avenue.

The 13,058 SF lot (100 ft x 130.58 ft) is currently vacant land, providing the opportunity for immediate redevelopment. The site is zoned R6 with most of the lot providing the wide street 3.0 base FAR and the remaining portion providing the narrow street 2.2 base FAR, blending to a 2.81 adjusted base FAR which yields 36,728 ZFA as-of-right. Additional zoning enhancements from the City of Yes Universal Affordability Preference (UAP) framework allows up to 50,926 ZFA (3.9 FAR) for rental development subject to affordability requirements.

The site comes delivered with fully DOB approved plans for a 7-story condo development with 40 units – consisting of 4 studios, 20 one-bedrooms and 16 two-bedrooms – averaging ~800 Net SF as well as 20 parking spaces on-grade. Alternatively, the plans can be amended for rental development with a max unit count of about 75 units and no parking requirements.