2527 Church Avenue

Development could be coming soon to this modest three-story building and adjacent vacant lot in Flatbush. Both lots sold to an LLC for $600,000 in November.

Now the parcel is for sale as a development site, and the new owner is asking $2,029,000 — quite an increase in just a few months. Epic Commercial Realty is the agent.

The seller has filed plans for a seven-story, 21-unit building on the site at 2527-2529 Church Avenue. However the plans were disapproved in March.

The existing three-story brick building, located at 2527 Church Avenue, includes a ground floor commercial unit and apartments above.

The total parcel is 40 feet wide by 120.5 feet deep with a FAR of three, so a new owner could build a 14,395 square foot building. The seller’s filed plans include bicycle parking in the cellar and three to four units per floor. The new project will be eligible for a 421 a tax deduction, according to the agent.

When the lots are sold and construction begins, they will add to the growing number of new residential projects in the area — 50 of them detailed on this map we wrote about recently.

Map Shows 50 Developments Planned in Flatbush Near Prospect Park [Brownstoner]
Photo by Nicholas Strini for PropertyShark


What's Your Take? Leave a Comment