Invictus Property Advisors ("Invictus") closes a development site in Cypress Hills, East New York for $3,550,000 (or $99 per BSF). The site was delivered with 421A and MTA approvals and DOB approved plans for a thirty-nine (39) unit mixed-use building with four (4) ground floor retail units and thirty-five (35) residential apartments. The total buildable square footage was 36,000 BSF, of which, 5,825 was designated for mandatory inclusionary housing (MIH). Invictus handled the sale off-market and targetted developers who were seeking out 421A approved sites that had footing in the ground prior to the June 2022 deadline.
The site is located in Cypress Hills, which is characterized by its diverse architectural styles, including elegant Victorian homes, historic brownstones, and modern developments. The neighborhood's steady growth and revitalization has resulted in an increased demand for housing, making it an attractive option for investment and ground up development. One of the key strengths of Cypress Hills is its accessibility. The area is well-served by public transportation, with the J and Z subway lines providing seamless connectivity to the rest of Brooklyn and Manhattan. This advantage makes Cypress Hills an ideal choice for commuters and urban professionals.