Overview
Avison Young, as the exclusive agent, is pleased to offer for sale 1950 Fulton Street (the “Site”) – a full block end with 645’ of wraparound frontage at the intersection of Fulton Street, Ralph Avenue, and Herkimer Street in Bedford-Stuyvesant, Brooklyn. The Site is currently improved by a 19,700 SF retail strip comprising four spaces with three tenants that have termination clauses in place.
The Site is zoned R7D/C2-4, which permits a base FAR of 4.66 for residential/mixed-use, allowing up to ~207,370 ZFA, all of which may be free market, or 5.6x (249,200 ZFA) with a UAP housing bonus. Additionally, the Site sits in a Fresh Zone, which allows a developer to tap a ZFA bonus of up to 20,000 SF for grocery-specific tenants, resulting in a total project of ~269,200 ZFA. There may also be an opportunity to further increase the FAR through an MTA subway bonus.
The 44,500 SF lot is well-suited for a 485x rental development, enabling a developer to build multiple sub-100-unit projects while avoiding the higher prevailing wage requirement tied to larger single-building projects.
Investment Highlights
Prime Corner Development Opportunity
– Exceptional light and air exposure
– Rare chance to acquire a full acre - free market development site
– High value retail location at the entrance to the Ralph Avenue C-Train
Efficient Layout & Prominent Frontage
– ~645’ of wraparound frontage on Fulton Street, Ralph Avenue and Herkimer Street
– Flexible layout potential ideal for maximizing residential and retail efficiency
Strong Residential Demand in Bedford-Stuyvesant
– Bedford Stuyvesant year-over-year residential rental growth
• Studios ^ 3.8%
• One Bedrooms ^ 3.8%
• Two Bedrooms ^ 5.1%
– Retail rents in excess of - $80/SF
Efficient Zoning
– R7D- Lower-density zoning enables more cost-effective development with favorable hard and
soft costs
– Proximity to transportation within, Greater Transit Zone, eliminates parking requirement
– Lot footprint – makes building multiple sub-100 units an achievable business plan
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