394 New Lots Ave, Brooklyn, NY for sale

Investment Overview

Location Details Located on Block 4299, Lot 2 in Brooklyn. Total Lot Area: 5,830 square feet (5,950 SF irregular lot per approved plans). Lot Dimensions: 60' x 94'. Fronts the 80-foot-wide New Lots Avenue. Currently improved with a one-story, 5,640-square-foot retail building. Positioned within a short walk of multiple subway lines serving Downtown Brooklyn and Manhattan. Site Specifications Zoning: R6, C1-3. Approved plans for a new eight-story-plus-cellar mixed-use building designed by IMC Architecture DPC. Total project of 32,561 gross SF, approximately 26,965 SF of above-grade zoning floor area at a 4.61 FAR (under a 4.80 district maximum): Residential: 3.72 FAR / 22,140.78 SF Commercial: 0.76 FAR / 4,502 SF Community Facility: 0.05 FAR / 323 SF Ground floor houses 4,502 SF of commercial space, a 323 SF community facility room, and the residential lobby core, with a 2,113 SF accessory cellar below. Development Plans Floors two through eight contain 29 dwelling units — 24 market-rate plus five UAP affordable units. Unit mix consists of five studios, fifteen one-bedrooms, seven two-bedrooms, and two three-bedrooms. Fully approved and shovel-ready, eliminating entitlement risk and shortening time to construction. 2025/26 assessment of $576,900, with real estate taxes of $57,691. Neighborhood Demand Drivers East New York has emerged as one of Brooklyn's most active housing markets, with new certificate of occupancy deliveries climbing from 796 units in 2023 to 1,819 in 2024 and 2,100 in 2025 — a nearly threefold increase in two years. Momentum traces directly to the 2016 East New York Neighborhood Plan, which rezoned 191 blocks across Community Districts 5 and 16 and was the city's first neighborhood rezoning to deploy Mandatory Inclusionary Housing. Served at its doorstep by the B15 bus, with the B6, B83, and B84 lines within a few blocks, providing broad crosstown and north-south coverage across East New York, Brownsville, and Canarsie. The 2, 3, 4, and 5 trains terminate nearby on the IRT New Lots Line; the A and C trains at Liberty Avenue are roughly a nine-minute walk away, offering direct access to Downtown Brooklyn and Lower Manhattan. Immediate access to Linden Boulevard and Pennsylvania Avenue, both feeding directly to the Belt Parkway and the wider Brooklyn and Queens highway network. Positioned along a primary neighborhood retail corridor with entitled, shovel-ready sites now delivering at scale. Opportunity Highlights Rare, fully approved development site requiring no further public review or ULURP process. Immediate step into a proven, rapidly maturing East New York development pipeline. Strong transit connectivity across multiple subway lines and bus routes. Balanced unit mix with a mix of market-rate and affordable units under the UAP program. Ground-floor commercial and community facility space anchoring a well-positioned mixed-use building.