Brooklyn NY Approved Development Site
Rare Brooklyn Development Opportunity with 67,319 SF of Development Rights
Site has Approved, Shovel Ready Plans by Gensler Architects to Build a 155-Key hotel.
Bushwick Section of Brooklyn benefits from Recent Revitalization into an Increasingly Hip and Desirable Location
Motivated Seller - No Reserve Auction, Winning Bidder will be put Under Contract
Newmark and RI Marketplace are pleased to present the opportunity to acquire 232 Seigel Street, a 18,492 SF development site located in the North Brooklyn neighborhood of Bushwick New York (the “Property”). The Property includes 67,319 SF of development rights. The development site comes with approved, shovel ready plans by Gensler Architects to build a 68,060 SF, 13 story, 155-Key hotel with 16,215 SF of common area space. A foundation has already been put in place as of November 27, 2018 allowing the development to be accepted into Nyc's Icap tax abatement program for commercial developments.
Situated in the Bushwick section of Brooklyn, the Property benefits from a recent revitalization that has transformed Bushwick into an increasingly hip and desirable location. Bushwick has a diverse culture that includes eclectic art galleries, fashion, music venues, dining options and night life. The Property's prime location is further well-position to access the NYC subway system and other convenient public transportation, in addition to bordering the neighborhoods of Bedford-Stuyvesant to the West, East Williamsburg to the North, Ocean Hill to the South, and Ridgewood, Queens to the East. The unique offering provides investors the ability to acquire an extremely well-located development site, within the highly coveted Bushwick neighborhood of Brooklyn, New York.