Affordable housing developer Phipps Houses is in contract to acquire the 300,000 square-foot, block-long property at 3301 Atlantic Avenue, in eastern Cypress Hill, for $38 million. The existing low-rise factory building is burnt-out following a fire in 2012. Right under of Crescent Street stop on the J line, this stretch of East New York is expected to be rezoned into a mixed-use corridor under de Blasio. Under the rezoning (M1-4/R8A), a building of up to 120 feet could be built as-of-right. [The Real Deal]
Pre-demolition 3301 Atlantic Avenue, image via Google Maps
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