Invictus Property Advisors has been exclusively retained to market a prime development assemblage opportunity in Red Hook, Brooklyn. The site is currently vacant and situated between two recently developed projects. Positioned just off the main thoroughfare of one of Brooklyn’s neighborhoods most primed for development, the site borders the Brooklyn Marine Terminal Transformation redevelopment.
APPROVED PLANS
For a negotiable fee, the purchaser has the opportunity to acquire the site with DOB-approved plans, streamlining the development process and reducing pre-construction timelines. With approvals already in place, these plans not only accelerate the path to construction but also help lower overall development costs by reducing architecture and design expenses, providing a strategic advantage for developers looking to efficiently bring their project to market.
BROOKLYN MARINE TERMINAL TRANSFORMATION
The Brooklyn Marine Terminal is undergoing a significant redevelopment, transforming 122 acres of waterfront in Red Hook into a modernized maritime hub with improved infrastructure, expanded port facilities, and enhanced connectivity. With $163.8 million secured so far in federal funding and city-backed initiatives, this transformation’s main goals are to drive economic growth, reduce truck congestion, and attract new jobs and businesses to the area. The transformation is still in its early stages and the ideas around it are still developing.
Situated along an adjacent side street near the 122-acre transformation zone, the site is well-positioned to benefit from increased investment, rising property values, expected job creation, and growing demand for mixed-use development.
NEARBY DEVELOPMENTS
Nearby at 96 King Street, Fabr Studios recently completed a boutique condominium project that is currently achieving over $1,400/SF on their sellouts. Recently, Red Hoek Partners acquired a nearby site at 379 Van Brunt Street for $5.2 million to build an 11-unit condominium development. The plans are currently being amended to meet the new Town Center FAR increase. Additionally, Express Builders LLC is in the process of planning an 8-story, 371-unit mixed-use development on Otsego Street.
OPPORTUNITY ZONE
The site is located in a Certified Economic Opportunity Zone (EOZ), offering significant tax incentives to encourage investment in underserved communities. Investors can defer capital gains taxes until 2026, or until the asset is sold, by reinvesting gains into a Qualified Opportunity Fund (QOF) that invests in an EOZ. Additionally, if the investment is held for five years, 10% of the deferred gain is excluded from taxes, increasing to 15% after seven years. For investments held for at least 10 years, investors may qualify for zero capital gains taxes on any appreciation from the new investment. These incentives provide a compelling opportunity for long-term investors seeking both growth potential and substantial tax advantages.
