New construction rarely comes to Bay Ridge, because the zoning is restrictive and development sites in the southern Brooklyn neighborhood are hard to come by. However, one builder managed to snag a site along the neighborhood’s commercial thoroughfare, Third Avenue.
New building applications were filed last week for a six-story, mixed-use building at 9701 Third Avenue, on the corner of 97th Street. There would be 20 apartments across 23,154 square feet of residential space, offering condo-sized units averaging 1,157 square feet.
The ground floor would hold a 3,200-square-foot restaurant or bar, and each of the upper floors would have four units.
The development would also include outdoor parking for two cars and an eight-car garage underground, which is the minimum needed to satisfy zoning. Future residents will be able to take advantage of a roof deck and a rear yard.
There are few new construction condos in Bay Ridge, and the market is strong. One can find a 1,025-square-foot two-bedroom there for $679,000, or roughly $662 per square foot. We expect these will do well.
Bensonhurst-based Adam Friedman of Interboro Management is the developer, and the architect is Tony Sayad, who’s headquartered in Grasmere, Staten Island.
The property is currently home to a single-story, brick commercial building with a restaurant and pub. It sold last year for $2.8 million, or $106 per square foot of this planned project. A development site several blocks north on Third Avenue hit the market in November asking an ambitious $329 per buildable square foot, and it will be interesting to see if the owner gets anything close to that asking price.
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