Coldwell Banker Reliable Commercial Division is pleased to offer a 7,200 SF development site in the Boerum Hill section of Brooklyn. The site situated on a 22.5 x 80 lot zoned C2-4/R7A allows for both residential and commercial development with a Floor Area Ratio of 4. Centrally located on one of Boerum Hill's main commercial districts on Atlantic Avenue with close proximity to public transportation, roads, Barclays Center and minutes to Manhattan. Suitable development uses include but are not limited to commercial buildings with a mix of retail and professional space, mixed-use buildings encompassing ground floor retail and residential units above or a residential condo building. Cost of development is projected at $250 PSF or $1,800,000. The total cost of acquisition and development is projected at $5,399,999 allowing for a capitalization rate of return of 6.3% in year one. An alternate scenario allows for the property to be delivered as a condo development please review our condo project scenario on page twelve of the offering memorandum. The rendering illustrated in this offering is proposed but not approved. For additional information please contact Exclusive Broker Coldwell Banker Reliable Commercial Division.Boerum Hill is a small neighborhood in the northwestern portion of the New York City borough of Brooklyn, bounded by Schermerhorn Street to the north and Fourth Avenue to the east. The western border is variously given as either Smith or Court Streets, and Warren or Wyckoff Streets as the southern edge.
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