Invictus Property Advisors has been exclusively retained for the sale of 330-336 Van Brunt Street & 142 King Street (the “Property”), a prime five (5) lot development assemblage opportunity in Red Hook, Brooklyn.
The Property is situated along a main commercial corridor in Red Hook, Brooklyn blocks away from the Brooklyn Marine Terminal Transformation Redevelopment.
TOWN CENTER ZONING
On December 5, 2024, New York City approved the City of Yes for Housing Opportunity zoning reform plan. One key --Town Center Rezoning -- aims to promote higher-density mixed-use development along key commercial corridors while maintaining neighborhood character.
Under this rezoning framework, properties zoned R1-R5 with a commercial overlay on a main thoroughfare—defined as a wide street or a short block—are eligible for increased density. Specifically, the allowable Floor Area Ratio (FAR) increases from 1.50 as-of-right to 2.50 as-of-right, significantly enhancing the development potential of these sites. This zoning change effectively doubles the Buildable Square Footage (BSF) on eligible lots, encouraging the creation of more housing units and retail space in walkable, transit-accessible neighborhoods.
For 330-336 Van Brunt Street & 142 King Street, this zoning change presents a transformative opportunity to capitalize on increased development capacity in one of Brooklyn’s most dynamic waterfront districts.
capitalize on the neighborhood’s continued growth.
BROOKLYN MARINE TERMINAL TRANSFORMATION
The Brooklyn Marine Terminal is undergoing a significant redevelopment, transforming 122 acres of waterfront in Red Hook into a modernized maritime hub with improved infrastructure, expanded port facilities, and enhanced connectivity. With $163.8 million secured so far in federal funding and city-backed initiatives, this transformation’s main goals are to drive economic growth, reduce truck congestion, and attract new jobs and businesses to the area. The transformation is still in its early stages and the ideas around it are still developing.
The Property is positioned along an adjacent side street near the 122-acre transformation zone, the Property is well-situated to benefit from increased investment, rising Property values, expected job creation and growing demand for mixed-use development.
NEARBY DEVELOPMENTS
Nearby at 96 King Street, Fabr Studios recently completed a boutique condominium project that is currently achieving over $1,400/SF on their sell outs. Recently, Red Hoek Partners acquired a nearby site at 379 Van Brunt Street for $5.2mmto build a 11-unit condominium development. The plans are currently being amended to meet the new Town Center FAR increase. Additionally, Express Builders LLC is in the process of planning an 8 story, 371 Unit mixed-use development on Otsego Street.
OPPORTUNITY ZONE
330-336 Van Brunt Street & 142 King Street is located in a Certified Economic Opportunity Zone (EOZ), offering significant tax incentives to encourage investment in underserved communities. Investors can defer capital gains taxes until 2026, or until the asset is sold, by reinvesting gains into a Qualified Opportunity Fund (QOF) that invests in an EOZ. Additionally, if the investment is held for five years, 10% of the deferred gain is excluded from taxes, increasing to 15% after seven years. For investments held for at least 10 years, investors may qualify for zero capital gains taxes on any appreciation from the new investment. These incentives provide a compelling opportunity for long-term investors seeking both growth potential and substantial tax advantages.
