712 Jerome St Brooklyn, NY 11207

This exceptional development opportunity presents a 1.65-acre lot ideally situated at 712 Jerome Street in Brooklyn's East New York neighborhood. The property boasts a generous 40' x 100' lot size, offering approximately 6,600 square feet of buildable space. Zoned R5 Infill, this site is perfectly suited for the construction of multi-family dwellings, aligning with the area's current revitalization and growth. The R5 zoning allows for a residential floor area ratio (FAR) of 1.65, and a community facility FAR of 2.0. The property's location benefits from the ongoing development surge in East New York, evidenced by recent projects such as 250 Euclid Avenue, 2628 Fulton Street, and 888 Fountain Avenue. Further enhancing the area's appeal are the Gateway Center Shopping Plaza, retail developments along Elton Street, a new Thomas Jefferson High School football field, and the Spring Creek Educational Center. Future plans include three public parks and playgrounds, adding to the neighborhood's family-friendly amenities. The 2020/2021 real estate taxes were $1,672. This is a rare chance to capitalize on the burgeoning East New York market and create a significant return on investment. The asking price for this exceptional property is $595,000, translating to approximately $90.15 per square foot. The property currently includes a three-unit apartment building.