Cushman & Wakefield Sells 144,400 Buildable Square Foot Development Site in Crown Heights
A block through development site at 1525 Bedford Avenue, located between Lincoln Place and Eastern Parkway in Brooklyn’s Crown Heights neighborhood, was sold in an all-cash transaction valued at $32,500,000.
The site features a combined lot area of approximately 29,182 square feet with nearly 500’ of wrap around frontage on Eastern Parkway, Bedford Avenue, and Lincoln Place. It is currently split between R7D and R6B zoning designations, translating into a combined as-of-right buildable square footage of 110,203. Additionally, a developer has the opportunity to further increase the total buildable square footage by utilizing the Inclusionary Housing Program. If implemented, the bonus would add 34,201 square feet to the site, increasing the maximum buildable to approximately 144,404 square feet.
The Crown Heights area is an ideal residential neighborhood benefitting from a variety of amenities. The property is ideally located along Eastern Parkway, a major corridor running through the borough, and one block west of the 2, 3, 4, and 5 subway lines, providing residents with convenient access to the Barclays Center, Downtown Brooklyn, and Manhattan.
“The scale and positioning of this site makes it one of the most important in Crown Heights. The sale attracted a range of institutional interest that had never been seen in the neighborhood,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively represented the seller in this transaction with Chairman, New York Investment Sales, Bob Knakal. The buyer, Adam America Real Estate, was represented by Terra CRG.