2 Oak Street

• Waterfront Site with Manhattan Views - One of the last undeveloped direct waterfront sites on the Brooklyn Waterfront, offering ample outdoor amenity space, private balconies, and terraces, with most units featuring stunning Manhattan views.
• Premier Location - The site's location offers access to parks, public transportation, local shops, and amenities. Despite its growth, Greenpoint retains its historic charm, making it attractive to both renters and buyers.
• Cost-Effective Mid-Rise Development - At a height of 150’ the mid rise building is optimized for efficient construction, allowing developers to deliver housing into a high-demand market at an attractive cost basis.
• City of Yes - The City of Yes Housing Opportunity increases the floor area ratios, removes parking mandates, and expands Quality Housing deductions from 3.3% to 5%. With an extra 5% deduction for fully electric buildings under City of Yes Carbon Neutrality, developers can significantly increase the sellable area.
• Potential 485-x Benefits - The site offers flexibility to create two separate buildings, each less than 99 units to qualify as a Modest Rental Project (485-x Option B). Unlike 485-x Option A (Large Rental Project) Option B does not have any construction wage requirement. Furthermore, Modest Rental Projects have less restrictive affordable housing requirements (20% at 80% of AMI vs 25% at 60% AMI)
• Transferable Development Rights - The Seller can deliver the additional transferable deliverable rights (TDRs) available from an adjacent site (2567 / 1). This will allow developers to maximize the zoning envelope of the site while achieving economies of scale.

Property Description

BKREA is exclusively handling the sale of 2 Oak Street, a waterfront development site in Greenpoint, Brooklyn, with 105' of direct East River frontage and stunning views of Manhattan. The site spans 34,017 square feet, with an additional 9,594 square feet, totaling 43,611 square feet of zoning area. Located in an R6 zoning district, it allows for 105,975 square feet of residential ZFA, expandable to 119,931 square feet under the Inclusionary Housing program. With the proposed City of Yes Housing initiative, the ZFA could increase to 133,014 square feet. The site is well-connected, close to parks, transportation, and local amenities, making it an ideal investment opportunity.