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Cushman & Wakefield has been retained on an exclusive basis to sell a development site with approved plans at 1580 Nostrand Avenue, located between Albemarle Road and Tilden Avenue in Brooklyn’s Flatbush neighborhood. The asking price is $28,000,000.
The large-scale development site contains approximately 237,937 gross square feet with frontage on Nostrand Avenue, Albemarle Road, and East 29th Street. The plans for the site include 21 floors of market-rate residential apartments over a two-story community facility base, and a parking facility for 163 cars. The plans call for 153 residential apartments, comprised of 26 one-bedroom, 123 two-bedroom, and 4 three-bedroom units. The property qualifies for an as-of-right 421-a tax abatement as current ownership has already performed demolition and constructed footings. The R6 zoned development is designed as-of-right and in conformance with the New York City Zoning Resolution.
The property is located three short blocks from the 2 and 5 trains at both the Church Avenue and Beverly Road stations, providing express access to Downtown Brooklyn and Manhattan.
The site is being exclusively marketed by Cushman & Wakefield’s Stephen P. Palmese and Richard Velotta.

Click here for listing details

Neighborhoods: East Flatbush/ Agents: Stephen Palmese