Invictus Property Advisors has been exclusively retained for the sale of 348 Van Brunt Street (the “Property”), a prime and unique development opportunity in Red Hook, Brooklyn.
The Property is situated along a main commercial corridor in Red Hook, Brooklyn blocks away from the Brooklyn Marine Terminal Transformation Redevelopment.
“QUALIFYING RESIDENTIAL SITE”
On December 5, 2024, New York City approved the City of Yes for Housing Opportunity zoning reform plan. One key --Town Center Rezoning -- aims to promote higher-density mixed-use development along key commercial corridors while maintaining neighborhood character.
Under this rezoning framework, properties zoned R1-R5 with a commercial overlay on a main thoroughfare—defined as a wide street or a short block—are eligible for increased density. Specifically, the allowable Floor Area Ratio (FAR) increases from 1.50 as-of-right to 2.50 as-of-right, significantly enhancing the development potential of these sites. This zoning change effectively doubles the Buildable Square Footage (BSF) on eligible lots, encouraging the creation of more housing units and retail space in walkable, transit-accessible neighborhoods.
For 348 Van Brunt Street, this zoning change presents a transformative opportunity to capitalize on increased development capacity in one of Brooklyn’s most dynamic waterfront districts.
capitalize on the neighborhood’s continued growth.
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.
The Property is positioned along an adjacent street near the 122-acre transformation zone, the Property is well-situated 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 sell outs. Recently, Red Hoek Partners acquired a nearby site at 379 Van Brunt Street for $5.2mm to build a 11-unit condominium development. The plans are currently being amended to meet the new qualified residential site FAR increase. Additionally, Express Builders LLC is in the process of building an 8 story, 371 Unit mixed-use development on Columbia Street.
OPPORTUNITY ZONE
348 Van Brunt Street is located in a federally designated Opportunity Zone, offering powerful tax incentives to promote investment in underserved communities. By reinvesting capital gains into a Qualified Opportunity Fund (QOF) that invests in this zone, investors can defer federal capital gains taxes until 2026 or until the asset is sold — whichever comes first. If the investment is held for at least five years, 10% of the original gain is excluded from taxation, increasing to 15% after seven years. Most significantly, if held for ten years or more, any appreciation from the new investment may be completely exempt from capital gains tax. These benefits, established under the 2017 Tax Cuts and Jobs Act, present a compelling opportunity for long-term investors seeking both growth and substantial tax advantages.
