Highlights
• Flexible Zoning Opportunity - The favorable R7A/C2-4 allows residential, commercial, and Universal Affordability Preference enabling the execution of a variety of business plans. • 485X & OZ Benefits - The site benefits from being eligible for the 485X program and is located in a qualified Opportunity Zone. • Coveted Location - The subject is ideally located in the heart of Crown Heights, which is one of the most desirable neighborhoods in Brooklyn. • Advantageous Accessibility - The site is a 5-minute walk to both the President Street and Sterling Avenue 2/5 Subway Stations.
Description
BKREA & Revived Commercial have been exclusively retained to arrange the sale of 521-547 Empire Boulevard (“The Site”), a prime development opportunity in the heart of Crown Heights, Brooklyn. Property Overview • Address: 521-547 Empire Boulevard, Crown Heights, Brooklyn. • Location: Situated between Brooklyn Avenue and Kingston Avenue, just five blocks east of Prospect Park. Site Composition • Four tax lots (Lots 66, 74, 75, and 76) on Block 1311. • 240 feet of frontage along Empire Boulevard. • Zoning: R7A/C2-4, allowing for mixed-use residential and retail development. Development Potential • Total Buildable SF: 164,211 BSF • Base Residential: 115,120 BSF • UAP Bonus: 144,211 BSF • Fresh Food Store Bonus: 20,000 BSF The Fresh Food Store incentive increases buildable residential area while supporting healthy food access. A longstanding grocery store tenant (30+ years) currently operates on the site. Strategic Location & Accessibility • Proximity to Major Destinations: • Prospect Park – One of NYC’s largest and most visited parks. • Barclays Center – A major sports and entertainment hub. • Brooklyn Museum & Brooklyn Botanic Garden – Popular cultural and recreational attractions. Exceptional Transit Access: • 2/5 Subway stations nearby, providing direct access to Manhattan and other Brooklyn neighborhoods. Key Investment Highlights • Located in an Opportunity Zone, offering tax-free capital gains upon future sale. • Qualifies for 485X tax abatement, significantly reducing property tax burdens. • Exempt from restrictive Construction Wage Requirements for projects under 100 rental units. • Strong residential and mixed-use demand driven by its proximity to transit, green space, and cultural landmarks. • Existing grocery store tenant provides potential for Fresh Food Store bonus, maximizing buildable area. This rare Crown Heights development opportunity offers significant value and long-term growth potential, making it an ideal investment for developers looking to capitalize on Brooklyn’s thriving residential market.
Property Documents
(2.26 v2) 521-547 Empire Boulevard Setup - Low Res.pdf
5.22 MB
Listing Details
- Space Type
Land
- Sub Category
Commercial
- Date Listed
3/24/2025
Property Specifics
- Property Name
521-547 Empire Boulevard
- Building Size
164,211 SF
- Lot Size
28,728 SF
- Zoning
R7A (C2-4)