Description
Jones Lang LaSalle ("JLL") has been exclusively retained to represent 459 Smith Street (the "Site", "Asset" or "Property"), a 147,513 square foot development site with 775,472 zoning floor area (ZFA). The project, vested under the lapsed 421a program (Option A), providing significant tax advantages compared to the current 485x program, encompasses two mixed-use developments that total 1,030 units and 32,632 SF of commercial/GMU space. Poised to add to the thriving Carroll Gardens neighborhood, the Site is subject to Mandatory Inclusionary Housing (MIH) requirements (Option 1) and will also be eligible for Brownfield Tax Credits. Current ownership has made significant progress through completing a 100% DD set, securing MTA approvals, obtaining waterfront access plans (signed by the city) and installing a bulkhead less than 3 years ago.
Attributes
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Investment Highlights
Expansive Scale
459 Smith Street offers an exceptional canvas for a large-scale residential vision in the heart of Carroll Gardens. Already supported by 100% DD plans, the development will feature two premier mixed-use buildings housing 1,030 units across the Site's generous 775,472 ZFA.
Vested Affordable New York
The Property is vested under the lapsed 421a program (Option A), providing significant tax advantages compared to the current 485x program.
Fast-Track Potential
The Site stands ready for immediate advancement with a completed 100% DD set, secured MTA approvals, city-signed waterfront access plans, and a recently installed bulkhead (less than 3 years ago).
Convenient Neighborhood Amenities
459 Smith Street offers convenient access to multiple neighborhood amenities. The Property is just a 10-minute walk from Whole Foods Market, the main grocer for the Carroll Gardens, Park Slope, and Gowanus neighborhoods.
Superior Connectivity
459 Smith Street is positioned just a 2-minute walk (0.1 miles) from Smith 9th Street F G station and two stops from Atlantic Ave-Barclays Center 2 3 4 5 D N Q & LIRR .
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