Ariel Property Advisors Retained To Sell 40’ Wide Block-Through Development Site In Downtown Brooklyn
Ariel Property Advisors has been exclusively retained to sell 285-287 Livingston Street, an outstanding development site at the center of Downtown Brooklyn, the third largest Central Business District in New York City. Ownership is requesting proposals for the favorably zoned block-through property.
The site – located on the north side of Livingston Street between Hanover Place and Nevins Street – has a footprint of 5,000 square feet. The addition of a portion on Grove Place* increases this footprint to 5,500 square feet. Situated in a C6-4/DB zoning district provides a FAR of 10.0 for use as a residential, community facility, office and/or hotel. By utilizing an inclusionary housing bonus, which increases the total FAR to 12.0, the maximum potential buildable area ranges between 60,000-66,000 square feet.
Exclusive agents, Sean R. Kelly, Michael A. Tortorici and David Khukhashvili of Ariel Property Advisors are representing the seller.
“There are only a handful of development sites readily available in Downtown Brooklyn and demand remains strong,” said Sean R. Kelly, Esq. Senior Director at Ariel Property Advisors. “Despite some chatter about an ‘oversupply’ of rentals and condos, Downtown Brooklyn’s residential market continues to deliver peak pricing.”
“Any absorption concerns will be short-lived as there is not a deep pipeline, particularly for condominiums,” he said.
The property – currently improved by two mixed-use buildings that total approximately 14,600 square feet – is centrally located, with shopping at Fulton Mall, City Point and Atlantic Terminal Mall just around the corner. In addition, Whole Foods, Brooklyn Academy of Music, Atlantic Terminal and The Barclay’s Center are a mere 5-minute walk away. The site is surrounded by copious transportation options as well, with the A, B, C, D, F, G, N, Q, R, 2, 3, 4, and 5 subway lines, and the LIRR at Atlantic Terminal, all in close proximity to the asset.
Meanwhile, local new construction condominiums in buildings, such as The Hendrick, The Nevins, and 211 Schermerhorn have been achieving record sellout prices exceeding $1,500 per square foot.