Wednesday, January 13, 2016

Development Flip Dreams at Third & 16th

577, 579, at left 

Back in October, I noticed that 577 and 579 Third Avenue, a three-story building & a small, two-story house between 15th & 16th, were to make way for new development.  I hadn't noticed at the time that the purchase of 577 ($2,700,000) also included a contiguous vacant lot on 16th.  579 Third was bought (I can think of alternative verbs here) for a well under-value-these-days $675,000.  Plans were filed for a seven-story residential building.  The three lots are now being brokered by Massey Knakal, for a hefty hike, at $6,900,000.

The subject development site is located on the east side of 3rd Avenue in the Gowanus neighborhood of Brooklyn. The property consists of three contiguous lots, two on 3rd Avenue and one on 16th Street, forming a block through assemblage. The combined lots offer multiple development opportunities for rental apartments, condos, or mixed use 
The assemblage of the three lots total 7,130 SF, and with split zoning of R6A and R6B, the development site allows for 21,242 SF of total buildable square footage. Proposed plans for the development site include a seven-story mixed use condominium project with 1 commercial space, 7 convertible studios, 5 1-bedrooms, 7 2-bedrooms, 17 storage rooms, and 10 parking spaces. 

I'm surprised there's no broker-boasting of the property's expressway proximity (surprisingly common these days), as it sits just a block from the Prospect/Gowanus convergence, but it is referred to as "ideally located."  Ah, those condo views of idling vehicles!

Coming on Third: More Apartments, More Expressway Views

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