274 E 32Nd St Brooklyn, NY 11232

This offering presents a residential development opportunity in Flatbush, located at 274 E 32nd Street, between Cortelyou and Clarendon Road. The vacant 4,000 SF lot features 40 ft of frontage and is zoned R6, allowing a 2.2 Residential FAR for 8,800 ZFA. The property has DOB approved plans for two 3-story three family buildings. The location is on a tree-lined residential block between Nostrand and New York Avenue retail corridors, a few blocks from the 2 and 5 subway trains at the Beverly Road stop, providing access to Greater Downtown Brooklyn and Manhattan in 20-30 minutes. Local amenities and activities are available at Kings Theater, Prospect Park, Brooklyn College, and Barclays Center. The property may qualify for Option B or C of the new 485x tax abatement program, depending on the number of dwelling units, to receive a 10 or 35-year exemption. Additionally, the Mayor’s City of Yes proposal, if approved, would increase the allowable residential FAR to 3.9 under the UAP framework, waive parking requirements, and reduce the minimum unit density factor, potentially allowing for a larger building with more units. Commercial property in Flatbush is noted for its population density and future growth opportunities, with a mix of national tenants and local family businesses.