Investment Overview

Marcus & Millichap is pleased to present the Exclusive Listing located at 2863 Atlantic Avenue in the East New York section of Brooklyn, NY. The property offers a corner lot size of approximately 4,789.4 square feet with 150 feet of wrap-around frontage on Atlantic Avenue & Barbey Street. The property sits on 1 tax lot (Block: 03950; Lot: 0047). The property offers 150.75 feet of wrap-around frontage on a corner lot, giving optimal unit layouts for future development. With the current zoning of R8A, C2-4 and total lot size of 4,789.4 square feet, per survey, the FAR of 7.2 offers a gross buildable of approximately 34,483.7 square feet to be developed. There we’re 10,989.4 square feet of air rights that we’re purchased from the neighbor in 2018, which would bring the total allotted buildable square footage to approximately 45,473.1. There are a number of development incentives, including the fresh zone, transit zone & MIH zone. (Consult with architect to take full advantage) The owner has already conducted a full demolition of the property, received MTA approval as well as obtained plans that are approximately 80% complete, which would offer 56 apartment units. The building is located in East New York, walking distance to Broadway Junction, the 3rd largest transportation hub in NYC, which will be undergoing a $500 Million renovation. Broadway Junction services the A, C, J, Z, L & LIRR Train Lines. Making it easy to access any location of NYC.