Commercial Development in Prime Williamsburg Prime retail/ residential development opportunity in one of the fastest growing neighborhood in the US. Vast improvement to the L-train are set to begin April 2019 until September 2020 which, after completion, will drive property values even higher. As these improvements take shape, Williamsburg is assured continued growth. Condo developments are slated to hit the market at $1800 to $2200 per foot in the coming years. Home to some of the most eclectic spaces in the city, Williamsburg retail is coveted by leading brands such as Whole foods, Apple, Levis, Chase and more. Retail rents around 53 N6 street range as high as $200+ per foot while high end residential rents are close to $75 per foot. Building Area : 3,100 Sq. Ft (25 Ft 35 Ft) Residential : 3,100 Sq. Ft - 5 Apartments Grand Total : 3,100 Sq. Ft Land Use : Multifamily Walk-up Build Lot Area : 2,500 Sq. Ft (25 Ft x100 Ft ) Building Class : C2 Zoning : M1-2/R6A, MX-8 Residential FAR : 2.7 Facility FAR: 3 Affordable Housing FAR: 3.5 Total BSF: 6,750 Sq. Ft Total BSF with Affordable Housing: 8,750 Sq. Ft As of right: Commercial BSF : 2,500 to 5,000 Sq. Ft Residential BSF : 2,500 to 6,750 Sq. Ft Affordable housing : Commercial BSF : 2500 Residential BSF : 6250 PROJECTED INCOME - As of Right Based on 5000 SF Retail + 1675 Residential Projected Gross CAP 13% - As of right The subject property of this zoning analysis is located in an M1-2/R6A Special Purpose Mixed Use District (MX-8). In addition, the property is also located in an Inclusionary Housing Designated Area.In this designated area a greater floor area ratio is permitted provided the new development contains a certain percentage of low income housing floor area. The property can be developed with commercial, manufacturing, residential or community facility uses as listed in Article XII, Chapter 3 of the Zoning Resolution. Buildings containing a mix of the uses listed here are also permitted with restrictions on size and location of certain uses as specified in the Zoning Resolution. The lot area of the property is 2,500 square feet. The maximum residential floor area permitted without providing low income units is as follows: Lot area (2,500 square feet) multiplied by floor area ratio (2.70) equals 6,750 square feet of residential floor area permitted. The maximum number of dwelling units is: 6,750 (maximum floor area) ÷ 680 (density factor) = 10 units The maximum residential floor area permitted by providing a percentage of low income units in the building is as follows: Lot area (2,500 square feet) multiplied by floor area ratio (3.60) equals 9,000 square feet of residential floor area permitted. The maximum number of dwelling units is: 9,000 (maximum floor area) ÷ 680 (density factor) = 13 units Building height, setbacks, yards and parking requirements can be explored in the future if needed. Call, Text or Email me for additional information
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