16 Scholes Street St - Wiliamsburg development site

Prime Development Opportunity at 16 Scholes Street, Williamsburg, Brooklyn
Location:
16 Scholes Street is located in the heart of Williamsburg, one of Brooklyn’s most sought-after neighborhoods. Just a short walk to the L, G, J, and M subway lines, this location offers unmatched connectivity to Manhattan and surrounding areas. Williamsburg is renowned for its vibrant arts scene, trendy cafes, diverse restaurants, and dynamic cultural atmosphere, ensuring a high demand for residential units.
Property Overview:
This property presents a rare opportunity to develop a multi-unit residential building in a high-demand area. With a total buildable area of 5,500 square feet and R6 zoning, the site is primed for the construction of up to 8 rental units, making it an ideal project for developers looking to capitalize on Williamsburg's rapidly appreciating real estate market.
Investment Potential:
Upon completion, the property could generate an estimated monthly rental income of $43,000, equating to an annual rent roll of $516,000. This high rental demand, coupled with the prime location, makes this an exceptionally attractive investment with the potential for strong cash flow and long-term value appreciation.
Why Williamsburg?
Williamsburg continues to be one of Brooklyn’s most desirable neighborhoods, attracting young professionals, creatives, and families alike. The area’s thriving restaurant scene, numerous cafes, and cultural venues create an unparalleled lifestyle offering for residents. With its proximity to public transportation and growing demand for high-quality housing, properties in this area rent quickly and offer strong returns on investment.This is an exceptional opportunity to invest in one of the most dynamic and rapidly appreciating neighborhoods in Brooklyn. Whether you’re looking to develop a luxury rental building or capitalize on the growing demand for residential space in Williamsburg, this property offers the potential for impressive returns.
The property is ready for plans to be filed, with boring tests already completed and the architectural survey in place. The site is clean and cleared, allowing for a seamless transition into the next phase of development.
The owner is offering flexibility in the transaction, with the option of a long closing period to allow the buyer sufficient time to file plans and navigate the necessary approvals. This extended closing period provides a unique opportunity to minimize carrying costs during the planning phase, making this an even more attractive proposition for developers looking to maximize return on investment.