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.
Photo by Christopher Bride for PropertyShark