Development Opportunity | 1259 E 18th St & 1284 E 19th St. Brooklyn

Description:

• Block-Through Development Site: Three tax lots with frontage on both E 18th & E 19th Streets totaling 15,185 square feet of land.
• Density & Scale: The assemblage totals 57,720 buildable SF as-of-right, or 72,290 buildable SF with City of Yes bonus.
• City of Yes: The newly enacted zoning policy provides a number of significant advantages, including but not limited to:
- FAR increase from 4.00 to 5.01
- Rear yard setbacks reduced from 30 feet to 20 feet and side yard reduced from 8 feet to 5 feet, allowing for an expanded building envelope and more efficient layouts.
- Parking is no longer required, resulting in significantly lower construction / excavation costs and greater potential for a residential lobby.
- Maximum building height increased from 80 feet to 115 feet, allowing for a higher density build.
- Recreation area bonus increased, now allowing for up to 5% of floor area to be deducted, with potential for top floor / rooftop amenity space, with outstanding views of the NYC skyline.
• Community Facility Potential: Located in the heart of Midwood, this property is ideally suited for educational institutions, medical facilities, or other community facility uses.
• Accessibility: Within 3 blocks of the Q train at the Avenue M station, with access to Atlantic Terminal within 20 minutes, or Union Square within 35 minutes.
• Neighborhood Amenities: Property is in close proximity to countless retail and dining options along Avenues M and J, as well as several community centers, schools and playgrounds.

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