1776 Shore Parkway_Property for Sale
1776 Shore Parkway_Property for Sale
1776 Shore Pkwy, Brooklyn, NY, 11214-6546, US

1776 Shore Parkway

Asset description

1776 Shore Parkway is an 870,000 BSF waterfront commercial development site along the eastern shore of Gravesend, Brooklyn. This offering presents a rare opportunity to reposition one of the largest undeveloped parcels in all of New York City.

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Attributes

Building area gross
80,928 sm

Media

Investment highlights

Outstanding Regional Connectivity


The Property’s location makes for great connectivity throughout all five New York City boroughs. Access to several major roadways (Belt Parkway, I-95, I-278) enables access to over 17 million consumers within a 30-minute drive. The 15-minute walk to the 25 Ave subway station also creates an easy access point for potential employees.


ICAP Tax Abatement Eligibility


The Property will be eligible for the Industrial and Commercial Abatement Program (ICAP), a tax incentive that directly reduces property taxes owed for a period of 15-25 years. To qualify for the abatement property owners must spend at least 30% of the property’s taxable assessed value to build, modernize, expand, or otherwise physically improve an industrial or commercial building.


Qualified Opportunity Zone


The Property will be eligible for the Industrial and Commercial Abatement Program (ICAP), a tax incentive that directly reduces property taxes owed for a period of 15-25 years. To qualify for the abatement property owners must spend at least 30% of the property’s taxable assessed value to build, modernize, expand, or otherwise physically improve an industrial or commercial building.


Wide Array of Potential Uses


The site is zoned M3-1 and can support a wide variety of manufacturing uses. It may be possible to expand the number of eligible retail uses to include large-scale variety and department stores by securing a variance to the existing zoning.


Large Scale Development on 2.5 Acres of Land


The subject lot totals 110,592 square feet (upland portion), located along the water of Gravesend Bay. Bound by the Belt Parkway to the east, the 840,000 BSF offering represents a unique opportunity to create a large-scale development on 16 acres of undeveloped New York City land.

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Last updated
Jun 28, 2024