Other, 559 4TH Avenue #, Park Slope - Real Estate New York

Description

559 4th Avenue a/k/a 133-135 16th Street presents a rare mixed-use investment and development opportunity in the heart of the rapidly transforming Park Slope/Gowanus corridor. Situated on a prominent northeast corner lot, this income-producing property combines strong existing infrastructure with significant future upside through additional buildable square footage.
The property sits on a 20 ft x 90 ft lot with a current built area of approximately 5,346 square feet and building dimensions of 20 ft x 90 ft. Zoned R8A / C2-4 within the Enhanced Commercial District - 1 (EC-1), the site offers substantial development potential with a maximum buildable area of approximately 10,836 square feet, leaving additional buildable area available.
Zoning & Development Highlights:

Residential FAR: 6.02
Facility FAR: 6.5
Current FAR: 2.97
Max Buildable Area: 10,836 SF
Current Built Area: 5,765 SF

Property Features:

Four residential rental apartments
One basement studio unit
Finished basement with kitchenette
Two vacant commercial storefronts
Two-car garage with electric garage door
Most residential units to be delivered vacant
Regular-shaped corner lot with northeast exposure
Ground elevation: 54 ft

This versatile mixed-use asset offers exceptional flexibility for investors, developers, end-users, or 1031 exchange buyers seeking immediate income with long-term redevelopment potential. The combination of vacant commercial space, mostly vacant residential units, garage parking, and unused FAR creates multiple value-add strategies ranging from luxury rentals and condominium conversion to mixed-use redevelopment or owner-occupancy.
Perfectly positioned along bustling 4th Avenue with close proximity to transportation, retail corridors, dining, and the ongoing growth surrounding Gowanus and South Brooklyn, this is an opportunity to acquire a strategically located property with both stable fundamentals and meaningful future upside.
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Property Details

Other

Amenities

Private Outdoor Space Over60 Sqft
Cooling: Dual
View: Other

Smoke Free
Washer Dryer Allowed
Pets: Building Yes, No

The Neighborhood

Park
Slope

Park Slope, with its tree-lined streets and immaculate brownstones, has a small-town feel and social cohesion that’s unusual in the city.

It’s a place where activities for children are unending, shopkeepers know their customers and people stop in the street to chat. Even as the park-side homes are buffed to a high polish, the area still offers a variety of experience: There are scores of restaurants and bars; a diverse retail sector; multiple Farmer’s Markets, including Grand Army Plaza’s; and Prospect Park with its fantastic bandshell, baseball fields, zoo, botanic ... read more

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For information on 559 4TH Avenue, # contact:

Jacob Goldman

Founder, Principal Broker

212-388-1115

Founder, Principal Broker
listings@lohorealty.com
212-388-1115

Listing courtesy of Corcoran Group