2 Oak St Brooklyn, NY 11222

Property Details for 2 Oak St

Property size

105,975 SF

Property type

Commercial real estate

Description

This exceptional property, located at 2 Oak Street in Greenpoint, Brooklyn, presents a unique waterfront development opportunity. The site boasts 105 feet of direct East River frontage, providing unobstructed views of the Manhattan skyline. The property encompasses a 43,611 square foot lot, including 34,017 square feet of land and an additional 9,594 square feet extending to the centerline of Oak Street. Zoned R6, the site allows for 105,975 square feet of residential floor area as-of-right, expandable to 119,931 square feet under the Inclusionary Housing program, and potentially further to 133,014 square feet under the City of Yes Housing Opportunity initiative. This prime location offers easy access to public transportation, including the G and L subway lines, East River Ferry, bus routes, and cycling paths. Nearby amenities include Greenpoint's vibrant shops, restaurants, and parks such as Bushwick Inlet Park, Transmitter Park, and McCarren Park. The site's potential for a cost-effective mid-rise development, coupled with the benefits of the City of Yes initiative (increased floor area ratios, removal of parking mandates, expanded Quality Housing deductions), and potential 485-x benefits (flexibility to create two separate buildings qualifying as Modest Rental Projects), makes this a highly attractive investment for residential or community facility development. Transferable development rights from an adjacent site are also available. High demand for housing in the area and the strong market appeal due to its waterfront location further enhance its investment potential.