725 Saint Marks Avenue // IN CONTRACT

Crown Heights, Brooklyn, New York 11216

$9,250,000   $8,950,000  

Listing ID Number

25508

Property Description

- Nearly 36,800 BSF of residential development potential
- Up to ±62,600 BSF with a Community Facility component
- Building currently generates approx. $184,000 annually
- Existing net lease may be terminated upon 6 months’ written notice
- May be eligible for AffordableNY (421a) 35-year tax benefit with 30% affordable units at 130% AMI (Voluntary Program)
- The parcel is currently improved by a single-story masonry building tenanted by the Brooklyn Public Library
- Located in close proximity to the 2,3,4,5,A,C & S subway trains, the LIRR station and several Citi Bike terminals
- Close proximity to Prospect Park
- Situated near two thriving corridors, Franklin Avenue and Nostrand Avenue, home to a rapidly growing number of shops, bars and restaurants

Overview

Building Type:Development/Conversion Sites
Location:North side of St. Marks Avenue between Nostrand and New York Avenues
Block/Lot:1220/63
Lot Dimensions:100' x 130.58'
Lot Sq Ft:13,058 S.F.
Buildable Sq. Ft:36,728 B.S.F.
Up to 62,678 w/ CF
Zoning:R6
FAR:2.81
Majority of lot within 100 feet of a wide street
Building Sq Ft:6,650 S.F.
Building Dimensions:70' x 95'

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Brendan Maddigan
Vice Chairman
(718) 307 6507
brendan.maddigan@cushwake.com

DJ Johnston
Director
(718) 307 6515
dj.johnston@cushwake.com

Ethan Stanton
Director
(718) 307 6553
ethan.stanton@cushwake.com

Bryan Kirk
Associate Director
(718) 307 6516
bryan.kirk@cushwake.com

Nicole Daniggelis
Associate
(718) 307 6506
nicole.daniggelis@cushwake.com

Joshua Sabzevari
Senior Associate
(718) 307 6521
joshua.sabzevari@cushwake.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.