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521 Empire BlvdBrooklyn, NY 11225
521 Empire Boulevard
Asset ClassLand
overview of deal

Overview

BKREA & Revived Commercial have been retained exclusively to arrange for the sale of 521-547 Empire Boulevard ("The Site"), an exceptional development opportunity in the heart of Crown Heights, Brooklyn. The site is located in an on Empire Blvd, between Brooklyn Avenue and Kingston Avenue; 5 blocks east of Prospect Park. The development features four tax lots totaling 240' of frontage along Empire Blvd which is zoned R7A/C2-4. This zoning and prime location present developers with an opportunity to capitalize on the strong demand for residential/mixed-use developments driven by the proximity to Prospect Park, the 2/5 Subway stations, and top tourist attractions such as the Barclay’s Center, the Brooklyn Museum and the Brooklyn Botanic Gardens.

The site consists of four tax lots—66, 74, 75, and 76—located on Block 1311. It allows for approximately 164,211 buildable square feet (BSF), including 144,211 BSF of residential space with UAP and an additional 20,000 BSF from the Fresh Food Store bonus. The base residential buildable square footage is 115,120 SF. Incorporating a Fresh Food Store on the site qualifies the project for this incentive, increasing residential floor area while also improving community access to healthy food options. Currently, one of the tenants is a grocery store which has been in the community for 30 years.

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Investment Highlights

  • Flexible Zoning Opportunity - The favorable R7A/C2-4 allows residential, commercial, and Universal Affordability Preference enabling the execution of a variety of business plans.
  • 485X & OZ Benefits - The site benefits from being eligible for the 485X program and is located in a qualified Opportunity Zone.
  • Coveted Location - The subject is ideally located in the heart of Crown Heights, which is one of the most desirable neighborhoods in Brooklyn.
  • Advantageous Accessibility - The site is a 5-minute walk to both the President Street and Sterling Avenue 2/5 Subway Stations.
521 Empire BlvdBrooklyn, NY 11225

Sales Team

Elysa BerlinSenior Managing Director of Commercial Sales(631) 332-6273elysa@revivedcommercial.com

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Listing provided by Revere CRE