New York State lawmakers, after one year have finally revived 421A as part of the State’s $163B budget. The new program called Affordable New York, offers full property tax exemption for up to 35 years.
Many developers consider Central Brooklyn and specifically Flatbush, East Flatbush and Prospect Lefferts Gardens to be undervalued. The numbers speak for themselves with theaverage price per buildable square foot at $100-120 vs $70 -75 per buildable square foot in 2014.
Compared to Bedford Stuyvesant current pricing in the $250+ range per buildable square foot for development opportunities, Flatbush and surrounding neighborhoods will continue to experience tremendous growth, especially with 421A now back in place.
One of many examples of projects currently being build is Hudson Companies 170 unit residential building going up at 310 Clarkson Avenue and another 248 residential units and 6,000 square feet of retail space planned for 350 Clarkson Avenue.
According to Jacob Garchik, a Prospect Lefferts Gardens resident who has compiled a map of current Flatbush projects, there are 50 new projects in the works southeast of Prospect Park.
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Accord Real Estate Group
