438 Herkimer St Brooklyn, NY 11213-1032

Property Details for 438 Herkimer St

Year built

2022

Lot size

0.05 lot acres

Property size

8,376 SF

Zone code

R6A

Property type

Apartment buildings

APN

01871-0041

APU

18710041

Description

This bank-owned property in Brooklyn's Bedford-Stuyvesant neighborhood presents a unique opportunity for developers. Currently mid-construction, this project features approved plans for an eight-unit, six-story elevator building with a total buildable area of approximately 6,600 square feet and a projected gross building square footage of 8,376 square feet. The approved plans are available upon request, streamlining the development process. The property benefits from its prime location, just two blocks from the Kingston-Throop Aves (A, C) Subway Station, ensuring excellent transit access. The existing structure and materials offer the potential for cost-effective completion. Zoned R6A with a Floor Area Ratio (FAR) of 3.00, this site allows for diverse residential development options. Furthermore, the property enjoys a protected Tax Class 2B, resulting in lower tax rates and a stable tax environment. Projected condo sellouts are estimated at $4,700,000, translating to a competitive $1,142 per square foot based on Crown Heights sellout averages. The asking price for this exceptional development opportunity is $1,500,000. This represents a compelling investment with significant potential for return. The substantial buildable area and favorable zoning regulations maximize the use of the lot, offering a strong market potential. This is a rare chance to acquire a mid-construction project in a highly desirable Brooklyn location with approved plans and a protected tax class.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.939

Latitude

40.6788

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments