Investment Overview

10 Underhill Avenue presents a rare opportunity to develop in the heart of the newly approved Atlantic Avenue Mixed-Use Plan (AAMUP), one of the most impactful rezonings in Central Brooklyn in decades. The City Council’s adoption of AAMUP unlocks approximately 4,600 new residential units, fundamentally transforming a corridor that has been constrained by outdated industrial zoning since 1961. This rezoning introduces higher density, mixed-use development potential along Atlantic Avenue and its side streets, positioning Underhill Avenue squarely within a rapidly evolving residential and commercial growth zone. The City has paired the rezoning with a commitment of $235+ million in public investment, signaling long-term conviction in the area. This includes approximately $135 million dedicated to a comprehensive redesign of Atlantic Avenue—enhancing pedestrian safety, streetscapes, and mobility—as well as roughly $100 million for park, playground, and open-space improvements throughout the surrounding neighborhoods. These capital investments materially enhance livability, drive demand, and support higher residential rents and sales values over time. The subject site at 10 Underhill Avenue is a 2,400 SF lot (30' x 80') offering approximately 21,648 buildable SF, allowing developers to capitalize on the newly expanded zoning envelope while being among the first wave of new projects delivered under AAMUP. Early entrants benefit from reduced competitive supply at initial delivery, strong tenant and buyer demand driven by new infrastructure, and the momentum created by a decade-long, city-backed neighborhood transformation. Offered at $4,250,000, this site provides immediate access to one of Brooklyn’s most significant upzoning stories, where thousands of new homes, thousands of jobs, and hundreds of millions of dollars in public investment are converging. For developers seeking scale, visibility, and long-term upside in an area poised for accelerated growth, 10 Underhill Avenue represents a compelling opportunity to build at the ground floor of Central Brooklyn’s next major mixed-use corridor.