Saturday, August 23, 2014

In The Development Pipeline

We live surrounded by construction sites.  On the home front it's been twenty months since work began next door.  It's still ongoing.  And on block after block after block you'll see a demolition site, an empty lot, a dumpster, an excavator, a cement block monster rising slowly above low-rise brick or wooden houses.

Fifth Avenue in the teens and twenties is a whirlwind of activity.  Corners are prime.  Between Prospect Avenue and 25th, I counted eleven corners where there are either construction/excavation/repair activities (some of them stalled), permits posted for work, or property either recently sold or currently for sale. And of course there's plenty more activity mid-blocks.

Walking home the other day, I saw that fences were up at the corner of Fifth and 24th (in front of the S. Batrouni Auto Service station, and next to the Citgo gas station) with a permit in place for tank removal and shoring.  Does this presage bigger plans?  A block south, a smaller auto repair business, at 732 Fifth, is on the market.

"732 5th Avenue features 25' of frontage on 5th Avenue. This site is zoned R6A with a 3.0 FAR. Under the current zoning a developer could build approximately 7,500 square feet as-of-right. There is an Inclusionary Housing bonus which would allow additional square footage. There is an existing 2,500 SF industrial building on the property that will be delivered vacant. The property is located along in the highly desirable Park Slope South neighborhood, with many new construction projects in the development pipeline. "

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