157-erasmus

A wood frame house at 157 Erasmus Street in Flatbush was recently listed for sale as a development site asking $2,500,000. The home, which could date from the mid-19th century, sits on an oversized lot measuring 50 by 142.08 feet — catnip to developers.

The R6 zoning and 2.20 FAR would allow a developer to replace the house with a 15,629-square-foot rental or condo building.

This lot will likely join others in what is a bit of a building boom on this tiny street (Erasmus runs only between Bedford and Nostrand). In March alone two other projects filed for permits to build new apartment buildings on the same block.

Just down the street at 136 Erasmus, permits have been filed for a five-story, 20 unit building. Developers also filed plans in March for a seven-story, 27-unit building at 115 Erasmus Street. With so much developer interest here, we could see more single-family homes on large lots like this becoming apartment buildings soon.

157 Erasmus Street [CPEX] GMAP
Photo via PropertyShark


What's Your Take? Leave a Comment

  1. 160/sq ft is high for this neighborhood. If you want that, do something smart like get your neighbor to sell his place also, all 3 houses sold as one parcel would be a much more attractive opportunity for a developer and could result in a higher ppsf. Realize you probably still wouldn’t get 160, but you would get closer.

    That price is retail price for a homeowner, and there’s no homeowner that’s paying 2.5m for that house.