394 Myrtle Avenue
394 Myrtle Avenue is a mixed-use development and retail opportunity in Brooklyn's Clinton Hill neighborhood, offered with flexible acquisition options. The 2,600 SF parcel on Myrtle Avenue's south side is zoned R7A with a C2-4 commercial overlay and can be purchased as a development site free of the existing Chipotle tenancy, or combined with the Chipotle-anchored retail parcel. The development component supports an as-of-right residential FAR of 4.0 (approximately 17,000 ZFA), expandable to 5.01 FAR (approximately 21,848 ZFA) through the Unified Affordable Program with on-site affordable housing. Ground-floor commercial development is permitted at 2.0 FAR, allowing up to approximately 7,400 ZFA of retail or office space, with additional potential through air rights.
The retail component features a 2,200 SF ground-floor space currently leased to Chipotle Mexican Grill, Inc. The lease includes 10% contractual rent escalations and two five-year extension options, providing stable income backed by a nationally recognized tenant. The location sits within a growing residential and commercial corridor, positioned to capture strong demand from both residential development and retail investment.
- Flexible acquisition options: development parcel alone or combined with income-producing Chipotle retail
- As-of-right 4.0 FAR residential (17,000 ZFA); expandable to 5.01 FAR with affordable housing
- Ground-floor commercial at 2.0 FAR plus air rights potential
- Chipotle lease with 10% escalations and two five-year renewal options
- Clinton Hill location on primary commercial corridor with strong residential and retail demand
More property details
Location
BKREA has been retained to arrange the sale of 394 Myrtle Avenue, a versatile mixed-use development and retail opportunity in Brooklyn’s desirable Clinton Hill neighborhood. Ownership is offering flexibility to acquire the development parcel and the Chipotle-anchored retail parcel separately. The property is located on the south side of Myrtle Avenue within a growing residential and commercial corridor and is currently configured as a single tax lot. The approximately 2,600-square-foot development parcel is zoned R7A with a C2-4 commercial overlay and will be delivered free and clear of the existing Chipotle tenancy. The site allows an as-of-right residential FAR of 4.0, supporting approximately 17,000 ZFA, while participation in the Unified Affordable Program (UAP) can increase residential FAR to 5.01 and provide approximately 21,848 ZFA with the inclusion of on-site affordable housing. The C2-4 overlay also permits ground-floor commercial development at a 2.0 FAR, allowing up to approximately 7,400 ZFA of retail or office space, with additional potential through air rights associated with the Chipotle parcel. The retail component includes a 2,200-square-foot ground-floor space leased to Chipotle Mexican Grill, Inc., featuring 10% contractual rent escalations and two five-year extension options, providing a stable long-term income stream backed by a nationally recognized tenant. With strong residential and retail demand, flexible acquisition options, significant development potential, and an established income-producing retail component, 394 Myrtle Avenue offers an attractive opportunity for investors and developers seeking both current cash flow and long-term upside in Clinton Hill.