940 Montgomery St
940 Montgomery St, New York City, NY 11213
Marketing description
940 Montgomery Street presents a shovel-ready development opportunity in the heart of Crown Heights, Brooklyn, with grandfathered 421-a tax benefits and plans filed for an 18-unit residential building totaling approximately 13,060 square feet of zoning floor area on a 4,811 SF lot. The project calls for a vertical extension of the existing two-story, 4-family structure, with a unit mix comprising 9 studios, 5 one-bedrooms, and 4 penthouse loft units with private roof terraces. Situated in an R7-1 zoning district, the plans utilize only a 2.71 FAR -- well within the allowable 3.44 FAR -- as current ownership has already sold 2,000 SF of air rights or 6 units of density to the neighboring property.
Crown Heights continues to command strong rental demand driven by its central location, proximity to multiple subway lines and bus routes, and sustained neighborhood appreciation, making this an attractive opportunity for both developers seeking a site that is ready to go and investors looking to capitalize on Brooklyn's enduring housing fundamentals. With demolition plans in place and a detailed architectural program by Hany Rizkalla Architect PLLC, 940 Montgomery Street is positioned as an execution-ready deal in one of Brooklyn's most active residential submarkets.
Investment highlights
- 940 Montgomery Street is a 4,811-square-foot development site in Crown Heights, Brooklyn, zoned R7-1 with a maximum FAR of 3.44, permitting up to 13,760 SF of residential development. The site comes with approved plans filed for an 18-unit building totaling 13,060 SF of zoning floor area.
- 940 Montgomery Street carries a grandfathered 421-a tax abatement, representing a significant and increasingly rare development advantage in today's market. To qualify for the abatement on a new project, construction must be completed by June 15, 2031
- 940 Montgomery Street has sold approximately 2,000 square feet of air rights, along with 6 units of density, to the neighboring property. Prospective buyers are strongly advised to independently verify the impact of this conveyance on the site's remaining development rights, zoning compliance, and overall buildable potential with their own legal and zoning counsel prior to closing.
- 940 Montgomery Street offers unparalleled connectivity, with direct access to the 2, 3, 4, and 5 subway lines, multiple MTA bus routes serving Flatbush and Eastern Parkway, and convenient Citi Bike stations steps from the property.
- Plans have been submitted for an 18 unit building via vertical enlargement with a grandfathered 421a tax abatement already in place. The existing foundation and basement are already in place so there is no need to dig out additional below grade space, and buyers should underwrite accordingly
- Located in the heart of Crown Heights, one of Brooklyn’s most active residential submarkets.
- The neighborhood benefits from strong rental demand driven by its central Brooklyn location.
- Convenient access to multiple subway lines and bus routes, providing strong connectivity to Manhattan and surrounding neighborhoods.
- Lot Size: Approximately 4,811 square feet.
- Zoning: R7-1.
- Proposed Zoning Floor Area: Approximately 13,060 square feet.
- Proposed FAR: 2.71 FAR, below the 3.44 allowable FAR.
- Air Rights: Approximately 2,000 square feet of air rights (equivalent to 6 units of density) previously sold to the neighboring property.
- Existing two-story, four-family structure currently on-site.
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