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Residential Land For Sale

Picture of Residential Land For Sale in Brooklyn, New York, United States

$1,850,000

670 Liberty Ave
Brooklyn, New York, United States

Listed By: Realtyww Info

Listed On: 08/16/2024

Listing ID: GL11602745 View More Details

Description

Located in the neighborhood of East New York, 670 Liberty Ave, Brooklyn, NY 11207, presents a prime development opportunity for developers looking to capitalize on a growing residential market. This corner lot, situated at the intersection of Liberty Ave and Cleveland St, spans a total of 5, 250 square feet with dimensions of 52.5 x 100. Zoned R6A with a C2-4 commercial overlay in an Inclusionary Housing Area, the property boasts a Floor Area Ratio of 3.6. This zoning offers a maximum buildable square footage of 18, 900 Sq. Ft. Currently, the property features a 1, 313 square foot commercial building with a single tenant, which can be delivered vacant. Strategically located, the property is within a short distance from multiple subway stations, ensuring ease of transportation to various other parts of New York City. Additionally, this property qualifies for the 485X tax abatement, providing substantial tax benefits and enhancing the overall financial viability of your project. The East New York real estate market is undergoing significant growth and revitalization, driven by ongoing developments and an increasing demand for housing. The area's transformation presents a favorable environment for investment. Overall, 670 Liberty Ave offers an exceptional development opportunity in a rapidly growing area of Brooklyn. The combination of favorable zoning, strategic location, valuable tax incentives, and the potential for significant growth makes this property a prime option for developers looking to make a substantial contribution in the East New York Community.

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Listed by: Alexandre Goulet
Source: The World Property Journal

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