438 HERKIMER STREET

INVESTMENT HIGHLIGHTS

• Prime Location: Situated in the Bedford-Stuyvesant neighborhood, just two blocks from the Kingston-Throop Aves [A, C] Subway Station, offering excellent transit access.
• Construction Opportunity: The property is currently mid-construction, with approved plans for an elevator-ed 6-story building.
• Cost-Efficient Mid-Construction Status: The building is mid-construction, presenting an opportunity to complete the project at potentially lower costs, leveraging existing structural work and materials.
• Approved Plans Available: Detailed approved plans for the construction of 8 rentals are available upon request, streamlining the development process.
• Low Taxes with Protected Tax Class 2B: The property falls under Tax Class 2B, ensuring lower tax rates and providing a stable, protected tax environment for the development, enhancing overall investment appeal.
• Substantial Buildable Area: With a total buildable area of approximately 6,600 SF and a projected gross building SF of 8,376 SF, the site offers significant development potential.
• Favorable Zoning: Zoned R6A, the property allows for diverse residential development options with a Floor Area Ratio (FAR) of 3.00, maximizing the use of the lot.
• Strong Market Potential: Projected condo sellouts are estimated at $4,700,000, translating to a competitive $1,142/SF based on Crown Heights sellout averages.