Overview

TerraCRG has been retained to exclusively represent the sale of the development site at 120 Union Avenue in the East Williamsburg section of Brooklyn. The block-through property is located between Union Avenue and Broadway. The site allows for up to 93,622 Buildable SF. The property qualifies for the 421-a tax abatement program as it lies in the area outside of the New York City 421-a Geographic exclusion Area. This benefit is rarely available in this part of Brooklyn.

The 26,000 SF site is located just off of Broadway; one of Brooklyn’s busiest retail corridors, with 266 feet of frontage on Union Avenue. The property is zoned R6A which allows for  a 2.7 FAR as of right and 3.6 FAR with inclusionary housing bonus; giving the project a total of 93,622 buildable SF.

The property is just down the block from the Lorimer Street M J Subway station and the Broadway G Subway Station, making the commute into Manhattan between 5 to 10 minutes. The site is also just blocks from the 575,000 SF former Pfizer factory building at 630 Flushing Avenue which is now home to a slew of creative and tech companies, software developers, food manufacturers and media firms.

In the last decade, Williamsburg became one of NYC’s most popular neighborhoods. Year over year rent growth for new construction rental units in Brooklyn was averaging approximately 10% in the last few years. New construction and conversion rental buildings in Williamsburg achieve rents that are often exceeding $60/SF. As a result of the 2009-20010 downturn and the rental boom that followed there has been very little condo development in Brooklyn over the last 4 years. The lack of condo inventory created a surge in condo pricing over the last few months and a need for quality condo units.