1508 Eastern Parkway Brooklyn, NY 11233

Investment Overview

1508 Eastern Parkway (Block 1471, Lot 65) is an irregularly shaped vacant corner lot situated along Eastern Parkway in the Crown Heights neighborhood of Brooklyn, NY. The site encompasses a total lot area of 2,519.83 square feet and is located within the R6 zoning district in an Outer Transit Zone. The property is the subject of a pending Board of Standards and Appeals (BSA) variance application, through which the owner has received favorable feedback from the BSA approving the residential portion of the proposed program. Upon approval, the variance wi l permit the development of a 21-unit, 7-story residential building totaling approximately 17,638 gross square feet, with a zoning floor area of 12,678.55 square feet at a 5.03 FAR — representing a significant premium to the underlying as-of-right a lowable FAR of 3.00. The proposed building program consists of 14 one-bedroom units and 7 studios distributed across seven residential floors, a dedicated ground floor residential lobby, ce lar-level mechanicals and bicycle storage, and a 1,070 square foot shared rooftop recreational terrace. No parking is required under the Outer Transit Zone provisions of the Zoning Resolution. The pending BSA variance represents a meaningful value-add opportunity, delivering a fuly entitled residential development program at nearly 1.7x the as-of-right density on one of Brooklyn's most iconic and wel-trafficked corridors.