Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the development site located at 294 12th Street in park Slope, Brooklyn.

The 23.5 ft x 100 ft lot has a total footprint of 2,350 SF. The site has a zoning of R6B/C4-3A, allowing for a split 2.0-3.0 FAR for a total buildable of 4,913 SF. A ground floor egress easement is in place on the site allowing only 1,800 SF of the ground level lot to be used, however FAR is calculated on the gross square footage of the lot.

The Park Slope property is located right around the corner from the prime 5th Avenue retail corridor, home to some of Brooklyn’s best and most notable restaurants, boutiques and cafes. Also, only a short distance away is the Barclays Center, Prospect Park, The Brooklyn museum, Brooklyn Public Library and the Brooklyn Botanical Garden.

Park Slope continues to solidify itself as one of New York City’s most desirable neighborhoods. Year over Year rent growth for new construction rental units in Brooklyn was at 10% for 2010 and projected at over 7% for 2011. As a result of the 2009-2010 downturn and the rental boom that followed, there has been very little condo development in Brooklyn over the last 3 years. The lack of condo inventory in Park Slope specifically, created a surge in condo pricing over the last few months and a need for quality condo units. Condo conversions, historically achieved premium pricing over new construction units.

The property is situated only a few blocks from the F,G,R Fourth Avenue/ 9th Street subway station, which is only two stops from the Atlantic Terminal with access to the D,N,R,B,Q,2,3,4,5 Trains plus the LIRR, making the commute in and out of Manhattan only 15 minutes.