Development Site on Fulton Street in Bed Stuy Asks $6 Million

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A vacant lot protected by roll-down gates at 1425 Fulton in Bed Stuy is up for sale and could become a 33-unit apartment building with stores on the ground floor.

The seller, who’s offering it through GFI Realty Services Inc., is looking to get a whopping $6,000,000 for the site, located between Marcy and Tompkins. Ambitious, perhaps, though the broker touts development rights allowing for a 22,365 square foot mixed-use building.

That works out to $268 per buildable square foot. To put that in perspective: The average price per buildable square foot where residential development is allowed reached $154 in January, according to the Real Deal. In north Brooklyn, where prices are higher, the average was $241.

If affordable units are included in the development, a development of 29,820 square feet with 44 apartments could be built, according to GFI. The lot measures 50 by 106 feet, but is slightly irregular, for a total of 5,036 square feet, according to PropertyShark.

In recent years, the property has been used as a flea market. It last traded for $1,535,000 in 2007.

It is across the street from Super Food Town and next door to 1413 Fulton Street, where a Blink Fitness is being constructed.

There is an online listing on the GFI Realty site, but it is password protected. It can be viewed at Trulia.

Photo by Christopher Bride for PropertyShark

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