Invictus Property Advisors is proud to announce the recent sale of a block-through development site on Somers and Fulton Streets in the Bedford Stuyvesant neighborhood of Brooklyn. The property, located within an Opportunity Zone and eligible for the 421A Tax Abatement (421A), attracted a significant amount of interest from developers looking to build rental product and comply with 421A by completing construction by June 15, 2026.
The site had DOB approved plans for 38,259 buildable square feet (BSF) and included a balanced mix of 27,692 SF for residential use, 4,872 SF for commercial use, and 5,696 SF for community facility space. This diverse blend of uses required a multifaceted marketing approach targeting developers that have previously built a wide array of uses, including non-profit and facility developers. The project was partially completed and had 50% of the foundation and 90% of the underpinning work in the ground and, as a result, our team was tasked with conveying this value proposition to active bidders. By having an organized due diligence package prior to going to market and providing the necessary documentation, the purchaser is able to continue and complete the project seamlessly. The sale resulted in a favorable deal for both the buyer and the seller at $98 per BSF on the approved plans or $143 per BSF on the ZFA.
We are actively trading land throughout NYC and are happy to share our thoughts on the current market. Reach out to learn more.