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Crown Heights, BrooklynA 53,673 BSF Development Site in Crown Heights, Brooklyn
827 S T E R L I N G P L A C E
jll.com
28 Liberty Street, Suite 3000New York, NY 10005
Property DetailTotal Buildable SF 53,673 (approx.)
Minus Existing Structure 34,270 (approx.)
Available Air Rights* 19,403 (approx.)
Tax Assessment (18/19) $729,000Taxes (18/19) $76,647Information presented herein is subject to change and should be individually verifiedAll measurements and square footage estimates are approximate.
*All zoning information to be verified by an expert architect.
Available for Ground Lease or Sale
Please Inquire Within
The subject property is a garage located in Crown Heights on the north side of Sterling Place between Nostrand and Rogers Avenues. The building is built full over two-stories and is approximately 35,781 square feet.
The subject benefits from a neighborhood rezoning “Crown Heights West Rezoning” from R6 (2.43 FAR) to R6A (3.0 FAR). The rezoning area is generally bounded by Atlantic Avenue, Pacific, Dean and Bergen streets to the north; Nostrand Avenue to the east; Eastern Parkway to the south, and Washington and Grand Avenues to the west. The zoning map amendment replaced the previous zoning, which did not reflect the predominant row-house and apartment building character of the area.
140’ x 127.79’Lot & Building Dimensions (Approx.)
17,891 SFLot Size
JLL presents 827 Sterling Place, a 53,673 BSF development site in Crown Heights, Brooklyn.
35,781 SFExisting Building Size
53,673 BSFTotal Development Rights
R6AZoning
2Stories
3.00FAR
1240/49Block/Lot
PARK PLACE
STERLING PLACE
ROGE
RS A
VEN
UE
NO
STRAND AVEN
UE
BLOCK1240
49
140’
127.79’
827 Sterling Place | Brooklyn, NY 11216 2
DISCLAIMER: Although information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2019. Jones Lang LaSalle IP, Inc. All rights reserved
Jones Lang LaSalle Americas, Inc. | Capital Markets 3
CROWN HEIGHTS RENTAL MARKET The average rent for an apartment in Crown Heights
is $1,477, a 4% increase compared to the previous year.1
NEW CONSTRUCTION SUPPLY Mega residential developments such as the Pacific Park Brooklyn project have raised expectations for
renters.
LOCATION Prime 140’ of frontage on busy Nostrand Avenue,
the property is 3 blocks from the Nostrand Avenue subway station and within a neighborhood full of amenities such as restaurants, art galleries, and
shopping.
PROSPECT PARK 827 Sterling place is a 12-minute walk (9 minutes via transit) to the 526-acre Prospect Park. It’s also
located to the most notable destinations in the park, including the Brooklyn Museum, the Brooklyn Public Library, Grand Army Plaza, the Botanic Garden, and
Prospect Park Zoo.
Development Drivers Investment Highlights
DEVELOPMENT SCALE Approximately 53,673 residential BSF provides developers the opportunity to capture immediate scale and provide amenitized space in a strong rental market and emerging
condo market.
TAX BENEFITS Developers and purchasers will benefit from NYC’s 421A
Tax Abatement program eligibility.
PROPERTY VALUE ACCELERATION The 11216 area code ranked 10th nationally among
median property value increases, jumping 194% over the past decade.
CLEAR PATH TO VACANCY The existing building will be delivered vacant, allowing for
developers to immediately commence with demolition and construction.
VALUE PROPOSITION The Crown Heights neighborhood appeals to residents
that have been priced out of the Williamsburg, Park Slope, and Prospect Heights neighborhoods of Brooklyn, offering
more affordability, space, and access to transportation options than its peers.
The Opportunity
1Source: May 2019, https://www.rentcafe.com/average-rent-market-trends/us/ny/dutchess-county/crown-heights/
Crown Heights
827 Sterling Place | Brooklyn, NY 11216 4
Broadway
FDR Dr S
FDR Dr N
Bedford Ave
King
s Hwy
3rd A
ve
Bushwick Ave
De Kalb Ave
9th St
Lafayette Ave
Union St
7th A
ve
Henr
y St
Eastern Pkwy
evA yawakcoR
19th St
Washington Ave
Clint
on S
t
Empire Blvd
E New
York
Ave
Corn
elia S
t
Brooklyn Brg
Manhattan Brg
Lee Ave
Putna
m Av
e
Broo
klyn A
ve
18th St
Allen
St
Coop
er S
t
Remsen Ave
Malcolm X Blvd
Pitt
St
Tillary St
E Broadway
Hamilton Ave
Graham Ave
Rodn
ey S
t
Navy St
Pros
pect
Park
W
t S s madA
Parks
ide Av
e
Humboldt St
Mar
cy A
ve
Williamsburg Brg
Prospect Ave
Ashland Pl
11th
Ave
Sands St
Flatbush Ave Ext
Prospect Park SW
Pacific St
Willi
amsb
urg
St W
16th St
Vand
erbil
t Ave
Nassau St
Howard Ave
Drigg
s Ave
Frankfort St
S 4th St
E 98th St
Nevin
s St
W zl P na mdaC
Boer
um P
l
Willi
amsb
urg
St E
W 9th St
Cour
t St
S 5th St
E 5th St
St Ja
mes P
l
Bergen St
Vand
erbilt S
t
Borinquen Pl
evA ol aff uB
Prospect St
Pitkin Ave
Terra
ce Pl
Tapscott St
t S yaJ
Koss
uth P
l
Livingston St
Colum
bia S
t
Old Fulton St
Easte
rn P
ky E
xt
Grand
Arm
y Plz
Hick
s St
Sack
man S
t
Chath
am Sq
Stewart Ave
t S eki P
Sam
uel D
ickste
in Pl
z
Rabb
i Joe
l Teit
elbau
m P
l
Hewe
s St
Roeb
ling
St
Saratoga Ave
Middagh St
Plaza St W
Linden Blvd
Brooklyn Brg
Ocean
Pkwy
King
s Hwy
Caton Ave
Williamsburg Brg
evA h
subta
lF
Pros
pect
Park
W
Buffa
lo Av
e
Grand S
t
Ralph Ave
FDR Dr
Clint
on S
t
Boer
um P
l
Sands St
Pike St
Montgomery St
S 5th St
Rockaway Pkwy
Grand S
t
3rd
Ave
Hamilton Ave
Atlantic Ave
E New York Ave
Nostrand Ave
Adam
s St
Tillary St
t S l r aeP
t S s madA
Grand St
Canal St
t S dl o G
Jamaic
a Ave
Manhattan Brg
Flatbush Ave
19th St
5th A
ve
Fulton St
Park Pl
Dean St
Gates Ave
Gates Ave
Gates Ave
Pacific St
Sterling Pl
Church Ave
6th
Ave
Rogers Ave
St Johns Pl
3rd St
Bergen St
Decatur StGreene Ave
Jefferson Ave
Halsey St
Quincy St
Cour
t St
Union St
Macon St
East Dr
Lenox Rd
Park Ave
20th St
Hick
s St
Smith
St
Monroe St
Glenmore Ave
Alba
ny A
ve
Lorim
er St
Marcy Ave
Crown St
Putnam Ave
Putnam Ave
tS ts1
5 E
Madison St
Wes
t Dr
Hancock St
Hancock St
Rutland Rd
Central Ave
Carroll St
Leonard St
6th St
7th St
8th St
Manhattan Ave
Maple St
Palm
etto S
t
ev A yor T
Linde
n St
Himr
od S
t
Grov
e St
12th St
Irving Ave
Willoughby Ave
Classon Ave
14th St
16th St
13th St
Prospect Pl
Wilson Ave
10th St
Star
r St
Hart St
tS ht8
4 E
Throop Ave
Winthrop St
Fran
klin
Ave
Liberty Ave
Berry
St
State St
11th St
Hoyt
St
15th St
Blee
cker
St
St Marks Ave
President St
Morgan Ave
Lincoln Pl
Lexington Ave
Lexington Ave
Lexington Ave
Clarkson Ave
Junius St
Bond
St
Evergreen Ave
Powell St
Hinsdale St
Lefferts Ave
Wyckoff Ave
Herkimer St
5th St
Bristol St
Kingston Ave
Stan
hope
St
Snediker Ave
Baltic St
4th St
Montgomery St
Macdonough St
Clinton Ave
Pulaski St
E 96th St
Kosciuszk
o St
Knickerbocker Ave
Midwood St
Forest Ave
Chester St
36th St
Henry St
Seneca Ave
Cypress Ave
Thomas S Boyland St
Trou
tman
St
21st St
Tompkins Ave
17th St
18th St
Hull St
Clifton Pl
Cove
rt St
Sackett St
Stoc
kholm
St
Johnson Ave
Carlton Ave
Ralph Ave
Devoe St
Bainbridge St
Strauss St
Adelphi St
Lott Ave
Keap
St
ev A agot ar aS
Elde
rt St
N 7th St
Mena
han S
t
Bay St
Woodward Ave
Woodward Ave
Moffa
t St
Scholes St
Onderdonk Ave
Onderdonk Ave
Grand Ave
Vernon Ave
Hall St
22nd St
23rd St
Clermont Ave
t S yaJ
Waverly Ave
Penn
St
Weir
field
St
Vanderbilt Ave
Stuyvesant Ave
S 1st St
Furm
an S
t
Sterling St
Meserole St
S 2nd St
60th Pl
Patchen Ave
Kent Ave
Chauncey St
Lincoln Rd
Legion St
Harm
an S
t
Front St
Marion St
Jeffe
rson S
t
S 3rd St
Newport St
Powers St
Prospect Ave
Marcus Garvey Blvd
Garfield Pl
Degraw St
Boerum St
Bush StevA r et sehcoR
Wallabout St
Ainslie St
Windsor Pl
Nevin
s St
Lync
h St
Hoop
er St
Scha
efer S
t
Woo
dbine
St
Mother Gaston Blvd
Fenimore St
Cherry St
De K
alb A
ve
Brooklyn Bridge Prom
60th St
Taaffe Pl
Sumpter St
29th St
25th St
34th St
24th St
Riverdale Ave
Wyckoff St
St Nicholas Ave
Maujer St
Humboldt St
Varick Ave
Dr Sandy F Ray Blvd
Grafton St
Herzl St
Skillman St
Howard Ave
Rutle
dge S
t
Hawthorne St
Ross
St
32nd St
Butler St
MacDougal St
N 1st St
Heyw
ard S
t
1st Pl
Hewe
s St
Amboy St
Colum
bia S
t
Skillman Ave
S 4th St
Osborn St
Noll S
t
Martense St
4th Pl
t S dl o G
Lorraine St
26th St
S 8th St
Spencer St
Sullivan Pl
Parkside Ave
Schermerhorn St
Clinton St
27th St
Kane St
Cent
er D
r
Fairview Ave
Melro
se S
t
Harrison Ave
3rd Pl
2nd Pl
Seele
y St
Montrose Ave
Walworth St
Plymouth St
Van Buren St
Moore St
Berkeley Pl
Grandview Ave
Unde
rhill
Ave
Norm
an S
t
Lefferts Pl
St James Pl
Wellhouse Dr
Somers St
Livingston St
S 5th St
31st St
30th St
Conselyea St
E New York Ave
28th St
Deka
lb Av
e
Willoughby St
Willo
w St
Stagg St
S 9th St
Midd
leton
St
Water St
Joralemon St
Step
hen S
t
Geor
ge S
t
ev A ol aff uB
Remsen St
Centr
e St
Douglass St
St F
elix A
ve
Walt
on S
t
Sackman St
Clym
er St
Industrial Park R
d
Ellery St
Amity St
Have
mey
er S
t
Thames St
Willm
ohr S
t
Gerry
St
Broadway
Seigel St
Clark St
Wils
on S
t
Grattan St
Morris Ave
Division Ave
Congress St
Avenue of Puerto Rico
Summ
erfie
ld St
Hamilton Ave
Bogart St
60th Dr
Varet St
St Felix St
Olive St
S Portland Ave
Division St
Harrison Pl
Colum
bia H
ts
St Paul Pl
Park Row
Luquer St
Ceda
r St
Montague St
Thatford Ave
Cook St
Corn
elia S
t
S 6th St
Tapscott St
Pillin
g St
Pike St
Randolp
h St
E zl P na mdaC
Ingraham St
Pierrepont St
evA not gni hsaW
Christopher Ave
Sandford St
Taylo
r St
t S egdi r B
Woodru
ff Ave
Market St
McKibbin St
Gardner Ave
Kay A
ve
54th Pl
Scott Ave
Nelson St
Paulding St
Hanson Pl
Terra
ce Pl
Centre Mall
dR gni dl eW
Emerson Pl
Bartle
tt St
Stewart Ave
S Oxford St
S Elliot Pl
t S dl eiff uD
Cambridge Pl
Porter Ave
N Portland Ave
Johnson St
19th StSherman St
Concord St
Catherine St
Downing St
Gran
ite S
t
Waterbury St
Rutgers St
Huntington St
Hope St
Gee Ave
Canal St
Tonsor St
Hudso
n Ave
Navy
St
Truxton St
Suyd
am S
t
Reev
e Pl
Rockwell Pl
Watkins St
Croo
ke Av
e
Rockaway Pkwy
E t S azal P
dR yl b messA
Parade Pl
Ten Eyck Walk
Orange St
l P t eel F
Stanwix St
De S
ales P
l
Arno
ld Av
e
Ten Eyck St
Vand
erbilt S
t
Lewi
s St
Cumberland St
Eastw
ay
Cody
Ave
Meadow
St
Aber
deen
St
Fort Greene Pl
Wallabout Rd
S 10th St
Bushwick Ave
Navy Walk
Sharon St
Portal St
Tiffa
ny P
l
Plaza St W
Stagg Walk
Whip
ple S
t
McK
eeve
r Pl
Warsoff Pl
Broo
klyn
Heigh
ts Pr
om
Washington Park
Conw
ay S
t
Andr
ews A
ve
kl aW t eel F
Furm
an A
ve
Cranberry St
Stro
ng P
l
Pineapple St
Middagh St
Mon
roe
Pl
Sidn
ey P
l
Greenw
ood A
ve
Hopkins St
S 11th St
John
P D
evan
ey B
lvd
Boer
um P
l
St Edwards St
Stockton St
Poplar St
Orient A
ve
Garnet St
Ryerson St
N Elliot Pl
Bush
wick
Pl
Myrtle Prom
Chee
ver P
l
Nurg
e Ave
Gard
en P
l
Garden St
Doughty St
Ashland Pl
Goodwin Pl
t S ecner waL
Willi
ams P
l
Ridgewood Pl
Tom
pkins
Pl
Debevoise St
Hampto
n Pl
N Oxford St
Herkimer Pl
Montgomery Pl
Martin L King Pl
Metrotech Rdwy
Gouverneur St
Pike Slip
Lafay
ette A
ve
Avenue of the Finest
Ryerson Walk Gate
Robert F Wagner Sr Pl
Suyd
am S
t
t S eni r eht aC
62nd Ave
Clark
son A
ve
Stagg St
Cumberland St
Suyd
am S
t
Moore St
54th St
Cook St
St Marks Pl
18th St
Union St
Front
St
Maujer
St
Schenectady Ave
White St
Water S
t
1st St
Warren St
tS ht6
4 E
E 4th St
Carroll St
Bergen St
Gardner Ave
E 98th St
t S not gni hsaW
tS ht7
5 E
Greenw
ood A
ve
Troutm
an St
Broome St
President St
Chauncey St
E 46th St
Christopher Ave
Grand Ave
Perry Ave
Warren St
61st St
Bayard St
evA y
orT
Cumberland St
Hart
St
Melro
se S
t
Sackman St
t S dl o G
Belmont Ave
Marion St
t S ecni r P
W 9th St
Thatford Ave
Prospect St
Franklin Ave
Woo
dbine
St
1st St
Wes
t St
President St
t S l r aeP
E 21st St
E 38th St
Beaver St
Carroll St
Hegeman Ave
Dean St
3rd
Ave
Hami
lton P
l
2nd St
Willo
ughb
y Ave
Water St
S Elliot Pl
Grand St
Sherman St
Hart S
t
Scholes
St
Leno
x Rd
Ryerson St
t S s madA
t S dl eiff uD
Aven
ue A
E 7th St
4th St
Gree
ne A
ve
tS ht5
5 E
Scott Ave
evA n
ylkoo
rB
E 98th St
E 49th St
Fenimore St
Baltic St
Ford St
t S yaJ
Bristol St
E 98th St
S 4th St
Bogart St
Van Buren St
Carroll St
Roeb
ling
St
E 42nd St
tS ht5
4 E
S 2nd St
E 105th St
N Elliot Pl
Creamer St
2nd S
t
Amboy St
Watkins St
7th A
ve
Carlt
on A
ve
E 96th St
t S egdi r B
2nd A
ve
St Marks Ave
60th St
York St
S 1st St
Meserole
St
Pacific St
Grand Ave
evA ydat cenehcS
Sackman St
Bleecke
r St
Onderdonk Ave
New
York
Ave
Hewe
s St
Mother Gaston Blvd
Irving Pl
Jeffe
rson S
t
evA ydat cenehcS
Herkimer St
Grand St
Atlantic Ave
Douglass St
Linden
St
Hawthorne St
Osborn St
17th St
Butler St
Geor
ge S
t
President St
Park Ave
E 58th St
Wint
hrop S
t
Ten Eyck
St
Howard Ave
Putna
m Av
e
Varet St
Gree
ne A
ve
Weir
field
St
E 101st St
Saratoga Ave
Howar
d Ave
evA t s1
E 34th St
Sackett St
Pearl S
t
E 91st St
Degraw St
Midwood St
John St
E 95th St
Dumont Ave
Union St
Livonia Ave
Madison St
5th St
Meadow
St
Bergen St
2nd St
Huntington St
Mena
han S
t
McKibbin St
Pike St
Halse
y St
E 40th St
Madison
St
Jeffe
rson A
ve
E 17th St
S 5th St
Grov
e St
Monroe St
55th St
Lincoln Pl
Hope St
Pitkin Ave
E 94th St
Hick
s St
Lincoln Pl
Division Ave
Stewart Ave
Forsyth St
Foste
r Ave
Herzl St
S 3rd St
Prospect Pl
Christopher Ave
Leno
x Rd
Degraw St
5th S
t
S Oxford St
Grov
e St
ev A dr awoH
Menah
an St
Water St
Harm
an S
t
Willo
ughb
y Ave
Madis
on S
t
E 95th St
Fort Greene Pl
tS ht6
5 E
President St
Jackson St
t S dl o G
St Johns Pl
Prospect Pl
Van B
uren
St
Union St
62nd Rd
Steuben St
Putnam
Ave
Madis
on S
t
evA y
datce
nehc
S
Ingraham St
E 93rd St
tS ht4
5 E
8th
Ave
Stagg S
t
Atlantic Ave
Railroad Ave
Warren St
Cherry St
evA ol aff uB
Eller
y St
Lincoln Pl
60th St
Warren St
8th S
t
E 37th St
56th St
Market St
Dover St
Hanc
ock S
t
E 92nd St
E 93rd St
evA ydat cenehcS
Hart
St
Pacific St
Waverly Ave
Water St
Hanc
ock S
t
Deca
tur S
t
E 39th St
Gates A
ve
E 52nd St
tS ht9
5 E
CROWN HEIGHTS
PARK SLOPE
CLINTON HILL
PROSPECT HEIGHTS
FORT GREENE
PROSPECT LEFFERTS GARDENS
1
8
4
5
3
Crown Heights New Developments
BOTANIC GARDEN
PROSPECT PARK ZOO
BROOKLYN PUBLIC LIBRARY
GRAND ARMY PLAZA
BROOKLYN MUSEUM
827 Sterling Place
Nostrand Ave 3 blocks
2 3 4
Park Place 4 blocks
S
Atlantic Ave/Barclays 15 minutes LIRR
2 B3 D4 N5 Q R
2
7
PROSPECT PARK
Jones Lang LaSalle Americas, Inc. | Capital Markets 5
6
1
Pacific Park (Megadevelopment)17 Buildings/ 6,500 Units / 22 Acres
3
409 Eastern ParkwayMixed-Use / 186 Units
2
The Olmstead & Frederick(564 St. John’s) 193 Units
4
1515 Bedford Avenue114 Units
5
The Brooklyn Zinc(317 St. Marks) 75 Units
7
The Dean (1036 Dean St.)
Mixed-Use / 126 Units / 25,000 SF Retail
6
1000 Dean Street155,000 SF Commercial/Retail
8
Fulton & Franklin (1134 Fulton St.)
189 Units / 20,000 SF Retail
R6AR6A is a contextual district where the Quality Housing bulk regulations are mandatory. These regulations produce high lot coverage, six- to eight-story apartment buildings set at or near the street line. Designed to be compatible with older buildings found in medium-density neighborhoods, R6A districts are mapped in the Bronx, Brooklyn and Queens. Parts of Kingsbridge in the Bronx and Williamsburg in Brooklyn are typical R6A areas.
The floor area ratio (FAR) in R6A districts is 3.0. Above a minimum base height of 40 feet, the building must set back by at least 10 feet on a wide street and 15 feet on a narrow street before rising to its maximum height of 70 feet, or 75 feet if providing a qualifying ground floor. To preserve the traditional streetscape, the street wall of a new building can be no closer to the street line than any adjacent street wall
, but need not be farther than 10 feet. The area between a building’s street wall and the street line must be planted. R6A buildings must have interior amenities for the residents pursuant to the Quality Housing Program.
Higher maximum FAR and heights are available for buildings participating in the Inclusionary Housing Program or that provide certain senior facilities.
Off-street parking is generally required for 50 percent of a building’s dwelling units, but requirements are lower for income-restricted housing units (IRHU) and are further modified in certain areas, such as within the Transit Zone and the Manhattan Core, or for lots less than 10,000 square feet. Parking can be waived if five or fewer spaces are required. Off-street parking is not allowed in front of a building.
827 Sterling Place | Brooklyn, NY 11216 6
Source: The Department of City Planning website. www1.nyc.gov. June 2019.
Jones Lang LaSalle Americas, Inc. | Capital Markets 7
Property Zoning
For additional information, please contact exclusive agents
Stephen PalmeseVice Chairman212 915 7233
Brendan MaddiganVice Chairman212 915 7234
Winfield CliffordManaging Director
212 915 [email protected]
Michael MazzaraManaging Director
212 915 [email protected]
Ethan StantonManaging Director
212 915 [email protected]
Michael LipmanAssociate
212 915 [email protected]
FINANCING: Marko Kazanjian
Vice President D: 212-812-5947M: 978-361-6966
