1058 Pacific Street, Brooklyn, NY, 11238, US

1058 Pacific Street

Asset Description

JLL has been exclusively retained to arrange the sale of 1058 Pacific Street, (the “Development”, “Property” or “Site”), located in the Prospect Heights neighborhood of Brooklyn, New York. 1058 Pacific Street is a 12,870 SF lot featuring 117’ feet of frontage along Pacific Street .The site comprises of 50,193 ZFA for residential development and up to 64,250 ZFA for a mixed-use development.

1058 Pacific Street is located in Prospect Heights submarket of Brooklyn, offering residents a plethora of neighborhood Amenities, immediate access to New York City’s major employment centers, and abuts some of Brooklyn’s’ most sought after neighborhoods. The Property is located just a short walk to the Franklin Avenue C & S trains and under 1 mile from Barclays Center & Atlantic Terminal which services the 2,3,4,5,B,N,D,Q,R,W & LIRR trains.

The Property lies within the Atlantic Avenue Mixed-Use Plan (AAMUP), a community driven rezoning which seeks to transform the greater Atlantic Avenue corridor into a vibrant, mixed-use community that supports new housing and bolsters street safety and connectivity. AAMUP’s geography spans approximately thirteen blocks of Atlantic Avenue as well as blocks to the south along Pacific, Dean, and Bergen streets as they run between Grand Avenue and Franklin Avenue . This rezoning represents one of the most highly anticipated rezonings since the Gowanus in 2021.

The Site offers an opportunity to develop a new construction multifamily building in a high-demand low-supply neighborhood of Brooklyn.

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Attributes

Land area gross

12,870 sf

Building area net

64,350 sf

Zoning

R6A / M1-2A

Media

Investment Highlights

Optimal Development Opportunity

The Property consists of a 12,870 SF lot with 117’ of frontage Along Paciﬁc Street. The Site allows for the development of 50,193 ZSF (64,350 Mixed-Use ZSF). The combination of the Site’s shape, size and frontage will allow for an efficient design with ample light and air.

Zoning Incentives & Development Potential

Under UAP / City of Yes, The Site is located within the Inner Transit Zone, which fully eliminates parking requirements for new developments, streamlining the design process and signiﬁcantly reducing construction costs. In addition to City of Yes, developers can take advantage of the 485 – X tax abatement, which preserves a 35-year tax abatement for new construction buildings.

Surging Submarket Primed for Growth

Nestled in the middle of some of Brooklyn’s most desirable neighborhood such as Park Slope, Boerum Hill, Clinton Hill, Prospect Heights is destined for change. Prospect Heights has been the beneﬁciary to rapidly growing residential rents.

Transit-Oriented Location

Just 1-block south of Atlantic Avenue and 3-blocks south of the Franklin Avenue MTA C Train entrance, 1058 Paciﬁc Street allows tenants to be in Manhattan in less than 25 minutes Centrally located, the Property is within walking distance to Prospect Park, Park Slope, Clinton Hill and Boerum Hill.