274 E 32nd St, Brooklyn, NY 11226

Premiere Real Estate Group Inc. presents the opportunity to acquire development site located at 274 East 32nd Street in Flatbush, Brooklyn. The empty 4,000 SF lot has 40 feet of street frontage and is zoned R6, permitting a residential FAR of 2.2, which translates to 8,800 square feet of zoning floor area (ZFA). With the new 485x tax abatement program, this project could be eligible for Option B or C, depending on the number of apartments, providing either a 10 or 35-year tax exemption. The Mayor’s City of Yes initiative would raise the allowable residential FAR to 3.9 under the UAP framework, while also eliminating parking requirements and lowering the minimum unit density factor, facilitating the construction of a larger building with more units.

The property is located on a tree-lined street between the retail areas of Nostrand and New York Avenue, just a few blocks from the Beverly Road stop for the 2 and 5 subway lines, offering quick access to Greater Downtown Brooklyn and Manhattan in about 20-30 minutes. Nearby attractions, including Kings Theater, Prospect Park, Brooklyn College, and Barclays Center, offer a variety of local amenities and activities.