A residential development site at 1150 Broadway in Bedford-Stuyvesant, Brooklyn has been acquired by Brooklyn-based YS Developers and Rabsky Group for $23.5 million. The 26,730-square-foot corner property, previously owned by A-PLUS International Realty, is zoned for a mixed-use building with apartments, local retail, and community facility space, and carries up to 133,917 square feet of as-of-right zoning floor area under the City of Yes for Housing Opportunity program. The property is located between Kosciuszko Street and Lafayette Avenue.
YIMBY last reported on the site in April, when permits were filed for an 11-story mixed-use building at the address. The proposed 115-foot-tall structure would span 71,137 square feet and yield 99 residences. The project would also include 3,312 square feet of commercial space, a cellar, a 20-foot-long side yard, and 24 enclosed parking spaces. A companion filing calls for a second 11-story building with 98 units next door at 1164 Broadway, bringing the assemblage’s planned residential inventory to 197 units, just below the 100-unit threshold that triggers 485-x’s enhanced construction wage requirements.
1150 Broadway, via Google Maps.
1150 Broadway sits within a federally designated Qualified Opportunity Zone and is eligible for the 485-x tax abatement program, which provides a 35-year property tax exemption and eliminates parking requirements.
The site is located directly next to the elevated Kosciuszko Street station, served by the J train.
Demolition permits for the existing improvements have yet to be filed, and an anticipated completion date has yet to be announced.
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Fewer phrases as enraging in the local news as “99 residences”.