A Mobil gas station at 185 Flatbush Avenue Extension in Downtown Brooklyn is now on the market and asking $27,000,000, which shakes out to $425 per buildable square foot, Crain’s reported. Zoning allows a building as large as 63,400 square feet on the triangular site bounded by Johnson and Gold streets. With an affordable housing bonus, a development could be up to 76,000 square feet and house 75 apartments.
Any developer who purchased it would likely build condos or a hotel to justify the asking price, Crain’s pointed out. Most likely a developer would have to decontaminate the site as well before starting construction. CPEX, which is marketing the property, included the rendering above to show what a potential development there could look like.
The 6,300-square-foot plot, which is across the street from the Oro condos at 306 Gold Street, last changed hands for $604,918 in 2011, according to public records. So this is quite a leap.
Downtown Brooklyn Mobil Station Hits Market at $27 Million [Crain’s]
Rendering by Montroy Andersen Demarco via Crain’s
These three low-rise buildings on Atlantic Avenue in Clinton Hill are being marketed as a development site for $12,000,000. 907-917 Atlantic Avenue is a 14,000-square-foot lot between St. James Place and Grand Avenue. Marcus & Millichap is marketing the site, which allows for up to 40,000 buildable square feet. Zoning is mixed commercial and residential and restricts potential building height to seven stories (75 feet). Seems like a lot of money, but Clinton Hill is getting pricey. GMAP
Massey Knakal is marketing a senior home in Flatbush as a development site with a special tax abatement for $20,000,000, The Wall Street Journal reported. The property at 123 Linden Boulevard currently houses a four-story building, but it has air rights that allow for up to 250,000 square feet of development. Or it could be developed up to 316,000 square feet as a community building.
New York Congregational Community Services is selling the property, which has a 15-year tax abatement through the 421a program. The program encourages developers to build market-rate and affordable housing in underdeveloped neighborhoods. 421a requires that 20 percent of apartments in new developments be affordable housing, but the property will be eligible for the tax abatement even if only market-rate apartments are built.
The Colonial Revival building, a former Building of the Day, was built in 1918 and designed by the Parfitt Brothers.