480 St Johns Pl Brooklyn, NY 11238

Property Details for 480 St Johns Pl

Property type

Land

Description

This exceptional 13,833 square foot development site, located at 480 St. Johns Place and 419-421 Lincoln Place in Brooklyn's coveted Prospect Heights neighborhood, presents a rare opportunity for immediate development. The property is a two-lot assemblage, vacant and ready for construction, boasting an R7A zoning designation allowing for up to 55,332 square feet of residential development potential. While approximately 43,000-45,000 square feet of usable floor area ratio is anticipated due to the irregular shape of the Lincoln Place parcel, a portion of the Lincoln Place lot also includes a C1-4 commercial overlay, offering additional development flexibility. The site's optimal use could involve the construction of two luxury condominium towers, capitalizing on the neighborhood's strong average sellout prices exceeding $1,400 per square foot. Alternatively, pre-existing plans for two eight-story residential rental buildings, totaling 64 units, are available for consideration. A joint venture opportunity is also being explored by the current ownership. This prime location offers unparalleled access to transportation, with the 2, 3, 4, and 5 subway lines just two blocks away at Franklin Avenue, and the Park Place shuttle providing connections to the B, Q, and C lines. The property's proximity to Prospect Park, the Brooklyn Museum, and Grand Army Plaza further enhances its desirability, providing residents with easy access to cultural attractions, green spaces, and vibrant urban amenities. This is a truly exceptional opportunity to acquire a large-scale, shovel-ready development site in one of Brooklyn's most sought-after neighborhoods. The asking price is $13,500,000.