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    Downtown Brooklyn Development Site Title is generated by Realmo AI

    151 Lawrence St, Brooklyn, NY

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    Large development site in Downtown Brooklyn with significant potential.

    Type:LAND
    Lot size:
    8.18 Acres
    Added:
    Aug 12, 2025
    Days on Market:
    289
    Last Refresh:
    May 20 at 9:53 pm

    Property Features for 151 Lawrence St

    General Information

    Standard status
    Active
    Lot size
    8.18 Acres
    Property subtype
    LAND

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    Listing Contact
    Michael Mazzara
    Michael Mazzara

    Listing agent Michael Mazzara

    Listing office JLL | New York City

    Listing date Aug 12, 2025

    Source Moodyscre

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of JLL | New York City

    HighLights

    • Significant Development Potential: Boasting a 33,153 SF footprint with a total UAP ZFA of 356,369 SF, allowing for the construction of multiple buildings.
    • Prime Downtown Brooklyn Location: Situated in a high‑growth area.
    • Excellent Transportation Access: Proximity to multiple major subway stations providing quick access to Lower Manhattan and Midtown.
    • Lucrative Investment Opportunity: Potential to construct rental buildings benefiting from 485‑X and City of Yes incentives, plus a condo building driven by market demand.
    • Thriving Retail Environment: Close proximity to prominent retailers.
    • Flexible Development Options: The site allows for the construction of three sub‑99‑unit rental buildings and one 156‑unit condo building.

    Overview

    Located in the heart of Downtown Brooklyn, this development site offers scale and optionality. The site has a 33,153 square foot footprint at the northeast corner of Fulton and Lawrence Streets, extending through to Bridge Street. With a total UAP ZFA of 356,369 square feet, the site is positioned to construct multiple buildings. The location provides convenient access to Lower Manhattan in under 10 minutes and Midtown in under 25 minutes. Several major subway stations are nearby, including Hoyt Street Station (2, 3 trains), Jay Street – MetroTech Station (N,R,W,A,C, F trains), Borough Hall Station (4, 5 trains), and Dekalb Avenue Station (B,D,N,Q,R, W trains). The area's market dynamics are favorable, as residential demand has outstripped new construction. Downtown Brooklyn’s retail environment is attracting attention from major national brands, and the site's location provides access to retailers, including Apple, Trader Joe’s, Equinox and Whole Foods. The property is an investment opportunity within Downtown Brooklyn, a neighborhood characterized by growth.
    Location Intelligence

    Current Use by Public Records

    ASA College College Crystal Angerville Counselor Brooklyn Community Services Charitable Organization CASES Law Firm Brooklyn Human Resources ... City Government Office

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Hair Salon Dental Office Nail Salon Food Market Grocery & Convenience Store Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9862
    Latitude
    40.6918

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    FAQs

    What type of property is this?
    Land - Large development site in Downtown Brooklyn with significant potential.
    Where is this land located?
    The property is located at 151 Lawrence St Brooklyn, NY.
    What are key features of this property?
    This property features: Significant Development Potential: Boasting a 33,153 SF footprint with a total UAP ZFA of 356,369 SF, allowing for the construction of multiple buildings.; Prime Downtown Brooklyn Location: Situated in a high‑growth area.; Excellent Transportation Access: Proximity to multiple major subway stations providing quick access to Lower Manhattan and Midtown.
    (212) 812-5700 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Michael Mazzara
    Michael Mazzara
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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