1580 Nostrand AveBrooklyn, NY 11226

This bankruptcy auction presents a unique opportunity to acquire a substantial mixed-use property in Brooklyn, NY. The offering encompasses two distinct components: a seven-story, 93-unit residential building at 21 East 29th Street and a large vacant lot at 1580 Nostrand Avenue. The existing building boasts 96,987 gross square feet, including 65,514 net residential square feet and 7,500 square feet of community facility space. Units feature floor-through layouts, large terraces, triple-paned windows and doors, and benefit from a 15-year 421-a tax exemption. The vacant lot, spanning 115,596 gross square feet, presents significant development potential, with plans for an additional 111 residential units and 14,674 square feet of community facility space. The planned development includes 74,710 net residential square feet. This combined property totals 212,583 square feet and offers 207 units. The property is conveniently located two blocks from the 2 and 5 subway lines. The auction for this exceptional property will be held on Wednesday, October 30th, 2024, at 3:30 PM, with bids due by Monday, October 28th, 2024, at 5:00 PM. The permitted zoning is R6. This is a rare chance to acquire a large-scale, mixed-use portfolio in a rapidly growing Brooklyn neighborhood.