Inclusionary Air Rights For Sale - CB2 Brooklyn

Description:

Investment Highlights
THE OPPORTUNITY Ariel Property Advisors has been retained to market the disposition of 120,000 square feet of inclusionary air rights (IARs) in Brooklyn’s Community Board 2. This offering is an opportunity for owners of eligible properties, or “receiving sites,” to significantly enlarge the size of market rate developments located in Community Board 2 or within a ½-mile radius of the generating site (112 St. Edwards Street in Fort Greene, Brooklyn). For example, properties located within an R10 (or equivalent) zoning district can benefit from an increase in FAR from 10.0 to 12.0. Additionally, properties within an Inclusionary Housing Designated Area are eligible receiving sites.

These inclusionary air rights provide an outstanding opportunity to maximize both the floor area and value of a development site.

INCLUSIONARY AIR RIGHTS 120,000 buildable square feet that can be sold partially or in their entirety.

GEOGRAPHIC VIABILITY Only properties that meet the IAR requirements in Brooklyn’s Community Board 2 or within a ½-mile radius of the generating site are eligible receiving sites.

APPLICABLE ZONING IN CB2 Eligible receiving sites are in either R10 (or commercially equivalent) zoning districts or in Inclusionary Housing Designated Areas.

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