7,566 Buildable Sq. Ft. in Ocean Hill Corner Development Site
Located in a subsection of Bedford-Stuyvesant, in Ocean Hill, 1508 Eastern Pkwy, Brooklyn, NY 11233, presents a prime development opportunity for developers looking to capitalize on a growing residential market. This corner lot, situated between Eastern Pkwy and St Johns Pl, spans a total of 2,522 Sq. Ft with dimensions of 89 x 56.58. Zoned R6 on a wide street, the property boasts an FAR of 3.0. This zoning offers a maximum buildable square footage of 7,566 Sq. Ft. Currently, the property features a completely vacant lot, ensuring minimal demolition costs. Strategically located, the property is within a short distance from multiple subway lines, ensuring ease of transportation to various other parts of New York City. Additionally, this property qualifies for the 485X tax abatement, providing substantial tax benefits and enhancing the overall financial viability of your project. The Ocean Hill real estate market is undergoing significant growth and revitalization, driven by ongoing developments and an increasing demand for housing. The area's transformation presents a favorable environment for investment. Only one mile away is the Broadway Junction terminal, which currently has plans for redevelopment. The City is planning to create two new plazas, improvements in street safety, and approximately 2,300 jobs citywide. As the property is near Brownsville, there is also the newly revamped Betsy Head Park less than a mile away Overall, 1508 Eastern Pkwy offers an exceptional development opportunity in a rapidly growing area of Brooklyn. The combination of favorable zoning, strategic location, valuable tax incentives, and the potential for significant growth makes this property a prime option for developers looking to make a substantial contribution in the Ocean Hill Community.
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