Inclusionary Air Rights - CB1 Brooklyn

Greenpoint, Williamsburg, Brooklyn, New York 11211

Listing ID Number

25081

Property Description

Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of market-rate development rights in Williamsburg & Greenpoint neighborhoods of Brooklyn.

Inclusionary Air Rights allow a developer to maximize FAR of a particular or several projects without fulfilling the affordability requirement. The resulting entirely market-rate residential or mixed-use development will benefit from a significantly higher value. Inclusionary Air Rights may be applied to a single or multiple projects, used at a later date or resold.

Existing affordable housing properties that will serve as generating sites for the Inclusionary Air Rights are currently being rehabilitated by the seller. The resulting market-rate air rights may be applied toward a project that is located within:

* An Inclusionary Housing Zone
AND
* Brooklyn's Community Board 1 OR within ½ a mile of the generating property

Overview

Building Type:Development/Conversion Sites

Contact

For further information or inspection, please contact Exclusive Agents:

Brendan Maddigan
Executive Managing Director
(718) 307 6507
brendan.maddigan@cushwake.com

Mark L. Lively
Director
(718) 307 6524
mark.lively@cushwake.com

Ethan Stanton
Associate Director
(718) 307 6553
ethan.stanton@cushwake.com

Bogdan Trach
Associate
(718) 307 6554
bogdan.trach@cushwake.com


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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.