Situated in the C4-4D and G zoning districts, the building benefits from the recent Gowanus upzoning, which grants it R9A residential zoning in addition to the typical R8A zoning associated with C4-4D. This zoning flexibility enhances the building's potential for future development.
Located just three blocks from the 4th Avenue Subway station, which services the F, G, N, R, and Q lines, 503 4th Avenue offers excellent accessibility and convenience.
Our team faced the challenging task of marketing this property in a short timeframe during the holiday season while navigating the mandatory inclusionary housing (MIH) restrictions, which complicated the financial viability for many developers despite the additional FAR. By leveraging our extensive investor database and in-depth knowledge of the area’s zoning regulations, we uncovered a creative exemption that allowed the right investors to underwrite the property more aggressively.
This property represents a valuable investment opportunity, with the potential to convert the second and third floors into additional apartment units, thereby maximizing its income potential and overall value.
