10th Street Development Site (Vested 421A | ~185K ZFA)_Property for Sale

309 10th Street, New York, NY, 11215, US

10th Street Development Site (Vested 421A | ~185K ZFA)

Asset Description

Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange the sale of (the “Property” or “Site”) a vested 421a development site at the crossroads of Park Slope and Gowanus. The Site has a 33,750 footprint and proposed plans to build 185,126 ZFA.

Situated on the north side of 10th Street between 4th and 5th avenues, the 10th Street site at 309 10th Street presents a promising opportunity. With proposed plans, developers can utilize the allocated 33,750 SF lot to construct an 18-story building encompassing approximately 200,000 GSF. The property will feature 141 market units and 64 affordable units, benefiting from the 421a tax abatement (Option B) and qualifies for the 421-a construction deadline extension to June 15th, 2031. This advantageous location in a prime submarket makes it even more enticing for developers to capitalize on the current surge in market rents.

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Attributes

Land area gross

3,135 m²

Building area gross

17,199 m²

Rentable area

14,800 m²

Zoning

R7-3 / C2-4

Media

Investment Highlights

Vested 421A Site

The 10th Street site presents a prime investment opportunity in a coveted market with its vested 421a status. The site offers an opportunity for a 70% Fair Market and 30% Affordable unit mix, allowing investors to capitalize on the growing market rents in Park Slope. With limited remaining vested sites of this scale, this unique opportunity holds significant potential for prospective investors.

Same block as 4th Ave / 9th Street Station

The 10th Street Development Site offers immediate transit access with the 4th St / 9th St Station servicing the F, G & R lines only one block away providing access to Midtown Manhattan in 30 minutes. Additionally, the Atlantic Ave/Barclays Center Station (2, 3, 4, 5, D, N, Q & LIRR) can be accessed in two stops providing convenient access to all of Manhattan.

Prime Location at the Convergence of Park Slope and Gowanus

The Site's ideal location at the crossroads of some of Brooklyn’s most well-established submarkets gives residents access to Prospect Park (less than a mile away) as well as the abundance of dining and retail options along 5th Avenue. The new Gowanus Canal Esplanade as well as one of the highest performing Whole Foods in the nation (less than a 10-min. walk away) highlight the neighborhood.

New York City Remains one of the Strongest Markets Nationally

The New York City multifamily market continues to outperform the broader U.S. and remains one of the most favorable markets in the nation. Last quarter, NYC effective rent growth was 2x that of the national average. This rent growth is partially driven by the market’s lack of supply, with the national average new supply as a percentage of existing inventory nearly 3.5x that of New York City. As a result, NYC vacancy remains low at 3.4%, compared to 5.6% in the wider U.S. market (Source: Axiometrics).