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Brooklyn development site at 1150 Broadway sells for $23.5 million
The 26,730-square-foot corner site is zoned for mixed-use apartments, retail, and community facilities, with up to 133,917 square feet of zoning floor area under the City of Yes for Housing Opportunity program.
ConnectCRE reports that JLL Capital Markets completed the $23.5-million sale of 1150 Broadway, a residential development site in Brooklyn’s Bedford-Stuyvesant neighborhood. The transaction involved representation of the seller, A-PLUS International Realty, by a JLL Capital Markets team, with Brooklyn-based YS Developers and Rabsky Group as the buyers.
The property is described as a 26,730-square-foot corner site at the crossroads of Bedford-Stuyvesant and Bushwick, with approximately 475 feet of wraparound frontage along Lafayette Avenue, Kosciuszko Street, Kossuth Place, and Broadway. It is zoned for a mixed-use building that would include apartments, local retail, and community facilities.
According to ConnectCRE, the site can access up to 133,917 square feet of as-of-right zoning floor area under the City of Yes for Housing Opportunity program. It is also located within a federally designated Qualified Opportunity Zone and is eligible for the 485-x tax abatement program.
ConnectCRE also notes that the deal drew attention because the frontage and zoning flexibility are unusual for Brooklyn, and that YS Developers and Rabsky Group have a path to deliver a large-scale residential project in the area. JLL Capital Markets said the marketing process generated significant interest from developers seeking to establish a presence in the neighborhood.