On Friday, an application was filed to build what will likely be some of Brooklyn’s most affordable new condos, at 1021 Avenue Y.
The 10-unit building will be long and squat, just three stories tall but with 131 feet of frontage on East 11th Street, in the southern Brooklyn neighborhood of Sheepshead Bay. Its apartments – likely condos, given their size and southern Brooklyn buyers’ appetite for owner-occupied apartments – will average 1,000 square feet each.
The new building will rise in place of what is now just a one-family home and its garage, bought from its longtime owner late last year for $700,000, or just $70 per buildable square foot of space.
The developer is listed as Eugene Volynets, based in a nearby office building on Avenue Z. Alix C. Michel Architect submitted the application.
The low density zoning is unfortunate, as these units will likely be some of the cheapest new construction in the city, beat in price only by new condos in Borough Park and South Williamsburg. Based on recent sales of comparable properties – two- and three-bedroom condos in small, brick buildings in Sheepshead Bay – the units should go for less than $500 per square foot, or around half a million dollars for a 1,000-square foot unit.
If the city were serious about encouraging non-luxury new market-rate construction, Sheepshead Bay would be a prime candidate for an upzoning. Despite its good transit access (the nearest station on the Brighton Line is an express stop, with both B and Q train service), and an abundance of existing six- and seven-story apartment buildings from the 1950s and ’60s, the land is zoned R4, which allows for a floor area ratio of at most 1.35, and more often not even that.
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