Development Site w/Approved Plans & 421-a Eligibility
1191 Ocean Avenue
Flatbush
Closed 08/01/2014 at
$2,250,000
BM1, Bm3, Bm4, B49
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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 located at 1191 Ocean Avenue on the border of Flatbush and Ditmas Park, Brooklyn. The site will be delivered with approved plans for over 24,000 gross buildable SF.
The 42.5 ft x 110 ft site consists of 42.5 ft of frontage on Ocean Avenue; the zoning of R7A provides for a 4.0 FAR for residential development. Plans call for the development of a 7 story 24,454 Gross SF residential building with 27 units. The property is also eligible for a 421-a tax abatement. There is currently a two-story detached house on the lot which will be delivered vacant.
Rents for new construction elevator buildings in Flatbush are currently fetching over $38/SF. The property is also just down the block from the Waterfalls on Ocean, a 65-unit luxury condominium building that is located at 1130 Ocean Avenue.
Blocks from Brooklyn College, the site is located in an area that attracts students as well as families, while Manhattan Beach is a ten minute drive straight down Ocean Avenue.
The property is just 5 blocks from the Newkirk Avenue B/Q Subway Station making the trip to Manhattan in under 40 minutes. It is also accessible by the BM1, BM3, BM4 bus lines providing express service to downtown Manhattan and the B49 bus line to Bedford-Stuyvesant and Manhattan Beach.
Attractions
The neighborhoods of Flatbush – Ditmas Park extend south from the old Brooklyn City Line to north of the southern edges of Prospect Park, the Brooklyn Botanic Garden and Empire Boulevard. The primary commercial strips are Flatbush, Church and Nostrand Avenues, with Coney Island Avenue is also emerging as a major strip.