The New York City multifamily market started off the third quarter of the year with a slight decline in transaction volume while dollar volume dropped substantially. Comparing the overall market activity observed during July to the average activity of the previous six months, dollar volume fell across the board in all submarkets, with the exception of the Bronx.
Corner Development Site in Flatbush, Brooklyn:
2333 Bedford Avenue
This corner development site spans 69.11 ft on Bedford Avenue and 90.27 ft on Tilden Avenue, resting in an R6 Zoning district and providing approximately 18,714 BSF for a residential development. The zoning also allows for a community facility bonus, which would allow a 30,000 BSF development.
Prime 28,787 BSF Development Site :
1205-1209 Flatbush Avenue
A prime 55’ x 133’ block-through, mixed use development site located in the heart of the Flatbush neighborhood, this site rests in an inclusionary R7-A/C2-4 Zoning district, giving the purchaser a myriad of avenues to add value in the forms of a commercial and residential development.
Multifamily Month in Review:
The New York City multifamily market opened the third quarter on soft footing, continuing a slowdown that commenced during the previous period. The Bronx in July was the only submarket to record an increase in dollar volume, while Brooklyn snared the largest market share.