114 Erasmus St, Brooklyn, NY 11226

Offered for sale is a prime development site in Flatbush, featuring an existing two-story, two-family building. Located in one of Brooklyn’s most dynamic emerging sub-markets, this area has experienced significant growth since 2017. The site is strategically positioned near the neighborhood’s main commercial corridors, including Flatbush Avenue, Bedford Avenue, Rogers Avenue, and Nostrand Avenue, which have seen a surge in new residential development. The property is conveniently situated within walking distance of Prospect Park, the iconic Kings Theatre, and the vibrant dining destinations along Ditmas Park and Cortelyou Road. Excellent transit access is just three blocks from the Church Avenue station, serviced by the 2 and 5 express trains, offering a swift commute to Manhattan. This development site presents a compelling opportunity for discerning developers. Site Details: · Lot Size: 3,863 sq. ft. (28.92' x 133.59' irregular) · Zoning: R6 with C2-3 Overlay. New zoning allow for a high rise multistory. · FAR: 3.0 · Buildable Square Footage: Around 20,000 sq. ft. Including commercial and community spaces. Investment Highlights 114 Erasmus Street, Brooklyn, NY Rare mixed-use development opportunity featuring previously approved plans for approximately 17,875 SF of zoning floor area (23,566 SF total construction area). The approved plans include approximately 11,577 SF residential, 3,138 SF commercial, and 3,159 SF community facility space. Situated on a 3,859 SF lot within an R6/C2-3 zoning district, allowing for a high-density mixed-use development in a rapidly evolving Brooklyn corridor. Asking Price: $2,600,000 Land Basis: Approximately $145 per buildable SF Condo Development Feasibility * Approx. Buildable ZFA: 17,875 SF * Estimated Total Development Cost: ~$10.5M–$11.5M * Projected Gross Sellout: ~$15M–$18M+ * Estimated Developer Profit: ~$4M–$7M * Projected Return on Cost: 35%–60%+ Rental Development Feasibility * Estimated Stabilized NOI: ~$600K–$750K annually * Projected Stabilized Value: ~$13M–$17M * Potential Value Creation: ~$2M–$6M+ above total development cost Previously approved plans available upon request. Buyers are advised to conduct their own independent due diligence regarding zoning, development potential, and project economics.