940 Montgomery St
21,500 BSF | Development Site | 940 Montgomery St | 421A Abatement in Bustling Crown Heights
Marketing description
Crown Heights, which is distinguished by brownstones and Victorian mansions, is a developing neighborhood where Caribbean and Kosher restaurants coexist alongside hip cafes and DJ-heavy bars. It is a popular destination for those seeking a taste of Brooklyn’s rich cultural heritage.
The neighborhood's rapid growth status calls for more modern buildings, new construction, and more parking. This building encompasses all three needs. Vacancy rates are at an all-time low in Crown Heights. These rental units will be accounted for even before construction completes!
Investment highlights
The subject property is being offered as a development opportunity, with foundations in place as per 421A rules.
The property will be delivered vacant with APPROVED PLANS and 421A Abatement in place.
The plans are for a 21,500 sq ft residential building. The setup is for 24 TWO bedroom rental units - approximately 600 sq ft each.
In addition, there will be a 3,000 sq ft community facility (ie. doctors office) on the ground floor, 7 parking spaces, and a bicycle room that easily fits a dozen bikes. All of these factors combined add up to higher rent opportunities for the area, which is currently entertaining aprice range of $3,000 - $4,750 for renovated 2-bedroom units, with an average rent of $3,600/mo. Proforma RR&E available upon request.
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