Williamsburg TH/Development Opportunity
Located in the heart of Williamsburg, 232 North 5th Street is the perfect opportunity for an investor, developer, or end user. Convert to a single family, convert to a two family and live with income, or take advantage of the 2.2 FAR and expand to approximately 3262SF of condos or rentals in a prime location on a tree-lined street in one of the most dynamic neighborhoods in the city. The property, currently approximately 1483SF, will be delivered with one rent control tenant in place on the top floor and currently measures approximately 20 X 30' on a 21' X 70.75' lot.
The property is centrally located just 4 blocks away from the L train station at Bedford Avenue and 3-4 blocks from the G train at Metropolitan Avenue. With neighborhood residential rents exceeding $70 per square foot and condominium sellouts in the $1500 per square foot range, 232 North 5th Street offers a unique residential development opportunity in one of Brooklyn's most sought-after neighborhoods.