Development property IN CONTRACT
|1536 Putnam Avenue & 406 Cornelia Street|
Brooklyn, NY 11237
|Property Type||Vacant Lot|
|No. of Properties||2|
|Lot Size||11,000 SF (Approx)|
|Buildable SF||24,200 SF (Approx)|
This portfolio consists of two development sites in the central section of Bushwick, located at 1536 Putnam Avenue and 406 Cornelia Street. 1536 Putnam Avenue is a 50’ x 100’ site located between Wyckoff and Irving Avenues. 406 Cornelia Street is located one block south of Putnam Avenue. It is a block-through site measuring 30’ x 200’, running from Cornelia Street to Jefferson Avenue between Irving and Wyckoff Avenues. Zoned R6, the sites’ 2.2 FAR allows for a combined 24,200 buildable square feet, as-of-right, for residential usage. The sites are not contiguous.
The properties are situated in a convenient location within walking distance to both the L and M trains at Myrtle - Wyckoff Avenue. They are also close to Irving Square Park and other neighborhood attractions, such as the Washington Irving Library and the commercial corridor of Myrtle Avenue.
As residential rents continue to rise in Bushwick, this portfolio presents an opportunity to build long-term investment properties with upside on two wide sites within a block of each other.
1536 Putnam Avenue is located on the east side of Putnam Avenue between Wyckoff and Irving Avenues.
406 Cornelia Street is a blockthrough lot located on Jefferson Avenue and Cornelia Street between Wyckoff and Irving Avenues.
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.