Meridian Capital Group
Meridian Investment Sales

284 4th Avenue, Brooklyn, NY 11215

284 4th Avenue, Brooklyn, NY 11215

Prime Location on the border of Park Slope and Gowanus Neighborhoods, one block away from the D, N, R and W trains at the Union Street Subway station.

Opportunity Zone Development Site included in Proposed Gowanus Rezoning

Asking Pricing $5,000,000
Type Development Site
Neighborhood Gowanus
Properties 2
Lot Size 40 ft. x 97.83 ft
Zoning Code Request OM for more details
Size 5,880 SF
Stories 2
Air Rights 1,946

Investment Highlights:

Meridian Investment Sales is pleased to present the Exclusive Offering for 284 4th Avenue in the Gowanus neighborhood of Brooklyn. 284 4th Avenue is a development site on 4th Avenue between Carroll Street & 1st Street on the border of Park Slope and Gowanus. The site is included in the proposed Gownus Rezoning and is also in a designated Opportunity Zone. The proposed Gowanus Rezoning allows for a total FAR of 8.5, for a buildable of approximately 33,000sf. The Opportunity Zone designation allows owners to minimize capital gains taxes based on a 5, 7 or 10 year hold period.

The Opportunity Zone designation will allow investors with capital gains to defer the gains until 2026, have a partial basis step-up, and permanently exclude from federal income tax any additional capital gains arising from the investment if the investment is held for 10 years.

The Asking price of $5M represents acquisition cost of $150/per buildable square foot based on Gowanus rezoning proposal.