10-unit Condo Development in Prospect Heights

Highlights:

• 4,381 Existing SF
• 17,578 Gross MIH ZFA
• 25 FT of Frontage on Pacific Street
• Development Opportunity
• Split Zoning in M1-2A/R6A, M1-3A/R7D (AAM)
• Prime Prospect Heights & Crown Heights Location

Description:

TerraCRG has been exclusively retained to represent ownership in the sale of 1026 Pacific Street, an existing owner-occupied two-story warehouse building with future residential mixed-use development potential. Located within the recently rezoned area of prime Prospect Heights and Crown Heights, the property sits just off Pacific Street near Classon Avenue, Dean Street, and Grand Avenue, offering a compelling combination of immediate usability, strong zoning fundamentals, and long-term redevelopment upside.

The offering consists of one 2-story building with approximately 4,381 sqft and 25 ft of frontage on Pacific Street. The property is located within a split zoning designation of M1-2A/R6A, M1-3A/R7D (AAM), providing flexibility for a wide range of residential, mixed-use, or end-user configurations, subject to approvals.

From a development perspective, the site allows for significant density expansion. Under current zoning, the assemblage supports approximately 13,891 ZFA as-of-right, increasing to 17,578 ZFA with MIH affordability, offering a meaningful path to value creation in a proven residential corridor. The zoning profile and lot configuration make the site well-suited for a boutique residential or mixed-use development that aligns with the surrounding neighborhood scale and demand drivers.

For end-users or owner-occupants, the existing building offers immediate operational utility, with flexibility to occupy, reposition, or redevelop over time. Its location within a strong and growing neighborhood supports long-term ownership and appreciation.

The property benefits from proximity to multiple subway lines, major thoroughfares, and key cultural and commercial destinations across Prospect Heights, Crown Heights, and Park Slope, enhancing its appeal to both developers and owner-users seeking a strategic Brooklyn location.

Overall, 1026 Pacific Street presents a balanced opportunity, combining near-term usability with clearly defined zoning upside in a rapidly evolving neighborhood.