Downtown Brooklyn Gas Station Asks $27 Million, Condos or Hotel Likely
A Mobil gas station at 185 Flatbush Avenue Extension in Downtown Brooklyn is now on the market and asking $27,000,000, which shakes out to $425 per buildable square foot, Crain’s reported. Zoning allows a building as large as 63,400 square feet on the triangular site bounded by Johnson and Gold streets. With an affordable housing bonus, a…
A Mobil gas station at 185 Flatbush Avenue Extension in Downtown Brooklyn is now on the market and asking $27,000,000, which shakes out to $425 per buildable square foot, Crain’s reported. Zoning allows a building as large as 63,400 square feet on the triangular site bounded by Johnson and Gold streets. With an affordable housing bonus, a development could be up to 76,000 square feet and house 75 apartments.
Any developer who purchased it would likely build condos or a hotel to justify the asking price, Crain’s pointed out. Most likely a developer would have to decontaminate the site as well before starting construction. CPEX, which is marketing the property, included the rendering above to show what a potential development there could look like.
The 6,300-square-foot plot, which is across the street from the Oro condos at 306 Gold Street, last changed hands for $604,918 in 2011, according to public records. So this is quite a leap.
Downtown Brooklyn Mobil Station Hits Market at $27 Million [Crain’s]
Rendering by Montroy Andersen Demarco via Crain’s
More garbage for Brooklyn. Soon cars in NYC will run on condos.
This seems like a good site for a boutique hotel.
Ok, I get it. It’s a trend. But there’s going to be no gas stations left after the Real Estate Apocalypse. I really hope they get working on those battery/electric/solar cars a bit quicker!
yeah, I don’t get why anyone would want to live above Flatbush there. But people seem to be okay with it and willing to spend a lot of $$$$ for the privilege.
That ship has long sailed and City Point isn’t even up and running yet. Besides the existing gas station has its own sizeable impact on congestion and pollution.
Oddly enough, there seems to be no end to the number of people who want to live on Flatbush. I agree, but what do I know.
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I’d really love to see a bit more holistic focus on office development in Downtown Brooklyn, instead of more upzoning around Grand Central, but the market isn’t there for it right now. We should utilize all our business districts, instead of focusing just on Midtown.
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All that said, eventually development will swallow Flushing Av and Atlantic Av as well, leaving just Park Av as suitable places for gas stations? We have too many today, so losing a couple to development is fine, but when taken to the eventual end, we could have a problem in 5 years.