Invictus Property Advisors has been exclusively retained for the sale of a prime five (5) lot development assemblage opportunity in Red Hook, Brooklyn.  This rare offering is situated along a key commercial corridor, just blocks from the transformative Brooklyn Marine Terminal redevelopment.

TOWN CENTER ZONING

On December 5, 2024, New York City approved the City of Yes for Housing Opportunity zoning reform plan. One key component—Town Center Rezoning—promotes higher-density mixed-use development along commercial corridors while preserving neighborhood character.

Under this rezoning, properties zoned R1–R5 with a commercial overlay on a main thoroughfare (defined as a wide street or short block) are eligible for increased density. The allowable Floor Area Ratio (FAR) increases from 1.5 to 2.5 as-of-right, significantly enhancing development potential. This effectively doubles the Buildable Square Footage (BSF), encouraging the creation of new housing and retail in walkable, transit-accessible neighborhoods.

This zoning change presents a transformative opportunity to capitalize on increased development capacity in one of Brooklyn’s most dynamic waterfront districts and benefit from the neighborhood’s continued growth.

BROOKLYN MARINE TERMINAL TRANSFORMATION

The Brooklyn Marine Terminal is undergoing a significant 122-acre waterfront redevelopment to become a modernized maritime hub. The plan includes improved infrastructure, expanded port facilities, and enhanced connectivity.

With $163.8 million in secured federal and city funding, the transformation aims to reduce truck congestion, attract businesses, and create jobs. Though still early in its planning, the area’s potential is clear.

This assemblage sits near the transformation zone and is well-positioned to benefit from increased investment, rising property values, and growing demand for mixed-use development.

NEARBY DEVELOPMENTS

• 96 King Street: Fabr Studios completed a boutique condo project with sellouts over $1,400/SF.

• 379 Van Brunt Street: Red Hoek Partners acquired the site for $5.2M, planning an 11-unit condo building to align with the new Town Center FAR.

• Otsego Street: Express Builders LLC is planning an 8-story, 371-unit mixed-use development.
  
  

OPPORTUNITY ZONE

This assemblage is located in a Certified Economic Opportunity Zone (EOZ), offering compelling tax incentives:

• Capital gains deferral until 2026 (or until sale)

• 10–15% tax exclusion after 5–7 years

• 0% capital gains tax on appreciation after 10 years
  
  

These benefits make this site a powerful play for long-term investors seeking tax efficiency and growth.