940 Montgomery Street, New York, NY for sale

Investment Overview

940 Montgomery Street presents a shovel-ready development opportunity in the heart of Crown Heights, Brooklyn, with grandfathered 421-a tax benefits and plans filed for an 18-unit residential building totaling approximately 13,060 square feet of zoning floor area on a 4,811 SF lot. The project calls for a vertical extension of the existing two-story, 4-family structure, with a unit mix comprising 9 studios, 5 one-bedrooms, and 4 penthouse loft units with private roof terraces. Situated in an R7-1 zoning district, the plans utilize only a 2.71 FAR — well within the allowable 3.44 FAR — as current ownership has already sold 2,000 SF of air rights or 6 units of density to the neighboring property.