Bedford-Stuyvesant Prime Corner Lot Development Opportunity with Approved Plans

Description:

Ariel Property Advisors has been retained on an exclusive basis to sell a ground up development site at 88-90 Tompkins Avenue in the Bedford-Stuyvesant neighborhood of Brooklyn. The development site is located on the corner of Tompkins Avenue and Stockton Street.

The lot size is 42.5’x90’ and is zoned R7D/C2-4. The FAR is 4.20 as-of-right or 5.60 with the inclusionary housing bonus. Therefore, the total buildable are 16,065 SF and 21,420 SF, respectively. So far, the foundation for the building has been laid. The plans call for a 21,151 square foot building which consists of 12 2-bedroom units, 4 studios, and a commercial unit. The property currently has ICAP in place and is eligible for a 421a tax abatement.

The property is located just a block away from the Myrtle-Willoughby Avenue Subway Station that services the G Line and just a short walk from the Myrtle Avenue-Broadway subway station which services the J, M, and Z lines. The G Line provides easy access to Long Island City and expands as far south as Flatbush. The J, M, and Z lines provide easy access to Manhattan and reach as far out as Jamaica Center in Queens.

Tompkins Avenue is a highly sought-after corridor in the Bedford-Stuyvesant neighborhood, densely populated with locally owned restaurants and retail stores. The property is nearby two schools, P.S. 297 Abraham Stockton and Success Academy Bed-Stuy Middle School. Local parks include Stockton Playground and Marcy Playground. Also nearby is Woodhull Medical Center.

For more information about this property including a detailed marketing book, please contact our office.

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