274 32Nd St Brooklyn, NY 11226

Property Details for 274 32Nd St

Property type

Commercial real estate

Description

This exceptional 4,000 square foot vacant lot presents a prime residential development opportunity in Brooklyn's desirable Flatbush neighborhood. Located at 274 E 32nd Street, between Cortelyou and Clarendon Roads, this property boasts 40 feet of frontage and is zoned R6, offering a 2.2 Residential Floor Area Ratio (FAR), allowing for a potential 8,800 square feet of buildable area. Approved plans exist for two three-story, three-family buildings, totaling six units. This project is ideally positioned to benefit from the 485x tax abatement program, potentially qualifying for a 10 or 35-year exemption depending on the final unit count. Furthermore, the potential for increased FAR under the Mayor's City of Yes proposal (if approved) could significantly enhance the project's potential, potentially waiving parking requirements and reducing minimum unit density factors. The site's convenient location offers easy access to the 2 and 5 subway lines at the Beverly Road station, providing a quick commute to Downtown Brooklyn and Manhattan. Nearby attractions include the Kings Theater, Prospect Park, Brooklyn College, and Barclays Center. Flatbush's thriving commercial scene, featuring national tenants like Planet Fitness, Chase, IHOP, Target, and Dunkin' Donuts, alongside robust local businesses, underscores the area's strong growth potential and desirability. This is a rare chance to capitalize on the burgeoning Flatbush real estate market and create a lucrative residential development. The property's location on a tree-lined street adds to its appeal.