Bushwick Development Site on the Market for $2.1M
Gus Delaporte June 11, 2014, 7:30 a.m.
A vacant lot at 25 Fayette Street in Bushwick could soon be home to a new mixed-use or boutique hotel development. The 12,818-square-foot site, currently being used for temporary storage, is on the market for $2.1 million.
The 38-foot wide site is located between Beaver Street and Broadway and is zoned for a mixed use, boutique hotel or commercial development.
“This site is a wide plot; most of the lots in Brooklyn are 20 to 25 feet wide,” said Melissa DiBella of TerraCRG, who is representing the seller, a local investor. “The size allows for more density; you’re looking at over 12,500 square feet for mixed use.”
Due to zoning restrictions, a buyer would need to include a commercial component in order to fully utilize the site’s floor area ratio, she added.
Initial interest has come from local developers interested in pursuing residential development, but TerraCRG brokers are confident a hostel or boutique hotel could thrive in the area. The site boasts an advantage location, one block from Flushing Avenue and the J & M subway station there.
New construction and conversion rental building in nearby East Williamsburg are achieving rents in the mid-$50 per-square-foot range, and condominium sales are exceeding $1,100 per square foot, according to TerraCRG’s data.