521 Empire Boulevard

BKREA & Revived Commercial have been retained exclusively to arrange for the sale of 521-547 Empire Boulevard ("The Site"), an exceptional development opportunity in the heart of Crown Heights, Brooklyn. The site is located on Empire Blvd, between Brooklyn Avenue and Kingston Avenue; 5 blocks east of Prospect Park. The development features four tax lots totaling 240' of frontage along Empire Blvd which is zoned R7A/C2-4. This zoning and prime location present developers with an opportunity to capitalize on the strong demand for residential/mixed-use developments driven by the proximity to Prospect Park, the 2/5 Subway stations, and top tourist attractions such as the Barclay’s Center, the Brooklyn Museum and the Brooklyn Botanic Gardens. The site consists of four tax lots, 66,74,75 & 78 located on block 1311. Currently, there is a grocery store on the site paying $650,000 a year until the end of 2026. The site allows for approximately 164,211 buildable square feet (BSF), consisting of 144,211 BSF of residential space, with the opportunity to gain an additional 20,000 BSF using the Fresh Food Store bonus. Incorporating a Fresh Food Store on the site qualifies the project for this incentive, increasing residential floor area while also improving community access to healthy food options. This added benefit enhances both the project's value and its positive impact on the surrounding neighborhood, making it an exceptional development opportunity. The subject presents an exceptional opportunity for developers to capitalize on the strong fundamentals within the Brooklyn housing market as rents in new construction buildings are averaging $60/SF. The site, located outside “Zone A” and “Zone B,” qualifies for the 485X tax abatement and is exempt from restrictive Construction Wage Requirements, with full exemption for projects under 100 rental units.BKREA & Revived Commercial have been retained exclusively to arrange for the sale of 521-547 Empire Boulevard ("The Site"), an exceptional development opportunity in the heart of Crown Heights, Brooklyn. The site is located on Empire Blvd, between Brooklyn Avenue and Kingston Avenue; 5 blocks east of Prospect Park. The development features four tax lots totaling 240' of frontage along Empire Blvd which is zoned R7A/C2-4. This zoning and prime location present developers with an opportunity to capitalize on the strong demand for residential/mixed-use developments driven by the proximity to Prospect Park, the 2/5 Subway stations, and top tourist attractions such as the Barclay’s Center, the Brooklyn Museum and the Brooklyn Botanic Gardens. The site consists of four tax lots, 66,74,75 & 78 located on block 1311. Currently, there is a grocery store on the site paying $650,000 a year until the end of 2026. The site allows for approximately 164,211 buildable square feet (BSF), consisting of 144,211 BSF of residential space, with the opportunity to gain an additional 20,000 BSF using the Fresh Food Store bonus. Incorporating a Fresh Food Store on the site qualifies the project for this incentive, increasing residential floor area while also improving community access to healthy food options. This added benefit enhances both the project's value and its positive impact on the surrounding neighborhood, making it an exceptional development opportunity. The subject presents an exceptional opportunity for developers to capitalize on the strong fundamentals within the Brooklyn housing market as rents in new construction buildings are averaging $60/SF. The site, located outside “Zone A” and “Zone B,” qualifies for the 485X tax abatement and is exempt from restrictive Construction Wage Requirements, with full exemption for projects under 100 rental units.