21,500 BSF | Development Site | 940 Montgomery St | 421A Abatement in Bustling Crown Heights

940 Montgomery St Brooklyn, NY 11213

940 Montgomery St, Brooklyn, NY, 11213
940 Montgomery St, Brooklyn, NY, 11213 940 Montgomery St, Brooklyn, NY, 11213 940 Montgomery St, Brooklyn, NY, 11213 940 Montgomery St, Brooklyn, NY, 11213 940 Montgomery St, Brooklyn, NY, 11213 940 Montgomery St, Brooklyn, NY, 11213 940 Montgomery St, Brooklyn, NY, 11213
FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$3,450,000
Last Verified:
Sep 18, 2023


Description

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 a price 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

Potential 13% CAP

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!

Building Size: 21500sq ft
Building Class: B
Lot Size: 0 acres


Documents

Brochure - 940 Montgomery St.pdf

Map of 940 Montgomery St, Brooklyn, NY, 11213

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Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

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