940 Montgomery Street
940 Montgomery Street is a shovel-ready 18-unit residential development site in Crown Heights, Brooklyn, priced upon request. The 4,811 SF lot is zoned R7-1 and comes with filed plans for a 13,060 SF building (2.71 FAR, well below the allowable 3.44 FAR) designed by Hany Rizkalla Architect PLLC. The project includes a vertical extension of the existing two-story, four-family structure and carries a grandfathered 421-a tax abatement with a construction deadline of June 15, 2031—a significant advantage in today's market.
The unit mix comprises 9 studios, 5 one-bedrooms, and 4 penthouse loft units with private roof terraces. Demolition plans are in place, and the existing foundation and basement require no additional below-grade excavation. The site is located on the south side of Montgomery Street between Schenectady and Utica Avenues (Block 1424, Lot 16), measuring 40 feet by 120 feet. Current ownership has previously sold approximately 2,000 SF of air rights (6 units of density) to the neighboring property; prospective buyers should independently verify the impact on remaining development rights with their own legal and zoning counsel.
Crown Heights is characterized by a mix of classic brownstones, pre-war buildings, and newer developments, with vibrant commercial corridors along Franklin Avenue, Nostrand Avenue, and Eastern Parkway. The neighborhood offers diverse dining, including Chavela's, Barboncino, and Meat, alongside cultural attractions such as the Brooklyn Museum and Brooklyn Botanic Garden. Prospect Park and Eastern Parkway provide extensive green space and recreation.
- Direct access to 2, 3, 4, and 5 subway lines; multiple MTA bus routes; Citi Bike stations
- Grandfathered 421-a tax abatement; construction deadline June 15, 2031
- Approved plans filed for 18-unit residential building; demolition and foundation in place
- Unit mix: 9 studios, 5 one-bedrooms, 4 penthouse lofts with private roof terraces
- Zoning allows 3.44 FAR; plans utilize 2.71 FAR, leaving upside potential
- Central Crown Heights location near Prospect Park, Brooklyn Museum, and Brooklyn Botanic Garden
More property details
Features & amenities
Location
Crown Heights, located in the heart of Brooklyn, is a vibrant and culturally rich neighborhood known for its historic charm and diverse community. The site is located on the south side of Montgomery Street between Schenectady and Utica Avenues. The neighborhood is characterized by a mix of classic brownstones, pre-war apartment buildings, and newer developments.
The property consists of approximately 4,811 square feet of land and is zoned R7-1, with a proposed development of approximately 13,060 square feet at 2.71 FAR, below the allowable 3.44 FAR. The site also includes approximately 2,000 square feet of air rights, equivalent to six units of density, which were previously sold to the neighboring property. An existing two-story, four-family structure currently occupies the site, providing an opportunity for redevelopment and additional density under the proposed development plan.
- Direct access to 2, 3, 4, and 5 subway lines; multiple MTA bus routes; Citi Bike stations; proximity to Prospect Park, Brooklyn Museum, Brooklyn Botanic Garden; commercial corridors including Franklin Avenue, Nostrand Avenue, and Eastern Parkway
Additional details
All materials and information provided without representation or warranty as to completeness, veracity, or accuracy. Parties must conduct independent investigation and due diligence. Prospective buyers are strongly advised to independently verify the consequences of prior air rights conveyance with their own legal and zoning counsel prior to closing.