Listed by Ariel Property Advisors
Unpriced
1099 Ocean Avenue
Details
Property Type Retail
Sub Type Commercial
Lot Size (SqFt) 11,000
Retail
Marketing description
For Sale
Investment highlights
- Ariel Property Advisors presents 1099 Ocean Avenue, a rare corner development site at the crossroads of Midwood, Fiske Terrace, Ditmas Park, and Flatbush.
- The property spans an 11,000 sq. ft. parcel improved by a 38’-wide, 4,700 sq. ft. religious facility. It features 210 feet of wraparound frontage—100 feet on Ocean Avenue and 110 feet on Farragut Road.
- Zoned R7A, the site allows up to 44,000 BSF (or 55,000 BSF with the UAP program). Ownership invites proposals under two scenarios:
- Option 1 – Community Facility Buy-Back: Developer builds out the full site and delivers the seller a 5,000 sq. ft. white-box community facility condo in the new building. The white-box space community facility will need to consist of multipurpose meeting space, 2 offices, and storage space.
- Option 2 – Subdivide & Build: Seller retains the existing ~4,800 sq. ft. church; developer builds residential units on the ~6,490 sq. ft. corner parcel. Proceeds will fund the church’s renovation.
- Situated at the intersection of 4 unique neighborhoods, future residents of 1099 Ocean Avenue will benefit from the property’s convenient access to Brooklyn College, charming local historic districts and lively commercial corridors.
- With significant scale, flexible deal structures, and a prime corner location, 1099 Ocean Avenue offers developers a rare opportunity to deliver much-needed housing in a well- connected, supply-constrained Brooklyn neighborhood.
- With convenient local transit, close proximity to Brooklyn College and a diverse mix of low and medium housing options nearby, demand citywide for rentals has led developers to build several new multifamily properties in the area.
- A top performing building in the area is 2021 Farragut Road, an adjacent 29 unit residential building constructed in 2019 that sees rents in the vicinity of $60 per square foot.
- Similar rents are being achieved at 1326 Ocean Avenue, a 116 unit building built in 2018.
- 1099 Ocean Avenue is an ideal candidate for options B of the 485-X tax abatement program.
Listing Contacts
Listed by Ariel Property Advisors
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