PUBLISHED ONOctober 14, 2024 1:31 PM
2 Oak Street in Brooklyn NY is a rare waterfront development site currently available by Bob Knakal Real Estate Advisors known as BKREA.
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BKREA has announced the exclusive listing of 2 Oak Street, a prime waterfront development opportunity along the East River in Greenpoint, Brooklyn. The site features approximately 105 feet of direct waterfront footage and offers sweeping, unobstructed views of the iconic Midtown and Downtown Manhattan skyline.
The waterfront development site encompasses approximately 34,017 square feet of land, with an additional 9,594 square feet extending to the centerline of Oak Street, a mapped but privately owned street. This results in a total zoning lot area of 43,611 square feet. Located within an R6 zoning district, the site provides flexible building options and multiple development possibilities for prospective buyers.
The property presents significant development potential, with 105,975 square feet of residential zoning floor area (ZFA) available as-of-right under the current 2.43 floor area ratio (FAR). The voluntary Inclusionary Housing program allows for an increase in FAR to 2.75, resulting in 119,931 square feet of residential ZFA. For community facility development, the site allows for up to 209,334 buildable square feet at a 4.80 FAR.
Under the proposed City of Yes Housing Opportunity initiative, the site’s residential FAR could increase from 2.43 to 2.54, allowing for 110,773 square feet of ZFA as-of-right. With the Universal Affordability Preference (UAP), this could be expanded to 133,014 square feet. If approved, the initiative would also eliminate parking requirements and provide more generous zoning deductions, further enhancing the development potential.
Additional residential ZFA can be transferred to the site from Block 2567, Lot 1, under ZR 62-353 and the proposed CoY-HO 62-362 amendment. BKREA encourages potential purchasers to consider incorporating this additional ZFA to maximize the site's potential.
Bob Knakal, a member of the BKREA team, remarked, "This is one of the most exciting development opportunities in Greenpoint. The combination of waterfront access, iconic Manhattan views, and the flexibility of zoning options makes 2 Oak Street a truly rare find in today’s market. The site offers a wide range of possibilities, from residential development to community facility projects, making it an outstanding investment opportunity."
“There is nearly an acre of land on the Greenpoint waterfront, are you kidding me? This is one of the last great waterfront sites and presents an outstanding opportunity for a developer to build a signature building”
Seth Samowitz, also of the BKREA team, added, "Greenpoint has seen tremendous growth in recent years, and 2 Oak Street is perfectly positioned to benefit from the area's ongoing evolution. The site's proximity to vibrant shops, restaurants, and recreational spaces like Bushwick Inlet Park and the Greenpoint-Williamsburg waterfront promenade adds significant value. With excellent access to public transportation and local amenities, it presents a prime opportunity for developers and investors alike."
The site has already undergone environmental remediation, receiving a Certificate of Completion from the New York State Department of Environmental Conservation (NYSDEC) under a Brownfield Cleanup Agreement. Supporting documentation is available in the data room for review by interested parties.
Strategically located, 2 Oak Street offers seamless access to multiple transportation options, including the G and L trains, the East River Ferry, nearby bus routes, and cycling paths. Its location in the high-demand Greenpoint neighborhood, combined with its unique waterfront appeal and development potential, makes it a standout investment.
For more information about this exclusive listing or to access the data room, please contact BKREA.
About BKREA
BKREA is a leading real estate advisory firm specializing in commercial real estate investment sales, development opportunities, and property marketing throughout New York City. The team is dedicated to maximizing value for its clients through innovative strategies, deep market knowledge, and a commitment to excellence.
About the company: Commercial Lending News is a media site providing commercial real estate updates including lending, banking, finance, commercial loans, interest rates, REITs, acquisitions and technology affecting the industry.
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