Shameless Speculation: When Will 666 Washington Ave Go Residential?

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Shameless Speculation: When Will 666 Washington Ave Go Residential?

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notsayin
getting it
Joined: May '10
Posts: 120

Having seen most of the larger open lots on and around Washington Ave between EP and Atlantic sold and built on over the past few years, I've set my sights on 666-674 Washington Ave - a 113 x 110 ft (officially 11,331 sq ft) lot midblock between St. Marks and Bergen that has a single structure on it - Washington Transmissions.

Propertyshark shows the property assessed at $152,550 - but estimates the value at $1.8 million. FAR at three floors built is 33,993 sq ft - but adjacent buildings are four stories - and new builds on the block go to six floors.

Any guesses as to how soon it will sell? Or the fact that it was a gas station in the 1950s - and almost certainly has a big fuel tank or two beneath it - too much downside risk and mitigation cost?

# Posted 3 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,106

The very similar auto service lot located at the intersection of Washington and Grand had plans to become a residential building, but something fell thru.

So, I predict 666 will be built on only after all of the stalled sites, and genuinely vacant lots in the neighborhood are put to use.

5 years?

P.S. Natty's Garden (a plant nursery) seems to be doing really well in the former gas station it took over. ...I wonder if a non-auto place could make the existing structure of 666 work until they were able to sell for big $ to a developer.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 3 mos ago
bohuma
above average
Joined: Aug '08
Posts: 466

It will depend on the zoning. A lot of these lots may be zoned as industrial, so can't immediately be used for something else. There are a lot of bleeding hearts on the City Council that think turning decrepit auto workshops into housing eats away at the city's industrial base. I know people have to get their cars fixed, but the number of auto shops around Washington really detracts from the neighborhood.

# Posted 3 mos ago
notsayin
getting it
Joined: May '10
Posts: 120

whynot:

The Master Motors lot at Washington & Grand (future Washington Point Park and/or restaurant with outside dining is a problematic shape - wondering if that made it less attractive to potential developers. Also, maybe pressure from the cops who park all over the Grand St sidewalk and would have lost their easy parking? Remember, this is the Shameless Speculation thread...

Natty Garden is a great example of adaptive reuse, I hope he does well there.

bohuma:

666 Washington Ave looks like its zoned R6A with a C2-4 commercial overlay - same as the rest of the Washington biz district. Which means (generally) it should be eligible to get a multistory mixed-use building with residential over stores/restaurants/etc.

If Propertyshark's assessment that it's 34K sq. ft buildable as zoned - in my estimation that's a 5 - 6 story building with a total of approx 30 apartments. That aligns with the new Hello Living building going up at 518 Washington just two blocks down - an FAR of about .35 or .36. That building is 6 floors + penthouse with parking (and hopefully storefronts) on 1; five floors x 2 each ~ 1,000 sq ft apartments, plus a 650 sq ft penthouse - on a 3,800 sq ft lot.

Maybe the lot at 518 was more attractive because it's got three street sides, a bit closer to the C station at Fulton and Washington, and no obvious existing business on it. But the much larger 666 - 674 parcel (five standard lots!) has got to be tempting to both seller and developer. 30K sq ft of apartments at ~$600/sq ft is $18MM gross revenues...unless there's 60 years of leaky gas tanks contaminating the ground beneath...

# Posted 3 mos ago
ehgee
getting it
Joined: Dec '12
Posts: 66

Here's a tool to browse zoning online:
http://gis.nyc.gov/doitt/nycitymap/template?applicationName=ZOLA
All of Washington north of Park is R6B with a C2-4 overlay. Here's a PDF showing what that could look like:
http://www.nyc.gov/html/dcp/pdf/zone/zoning_handbook/c1_c2_overlays.pdf
Max 70 foot height, mixed commercial/residential, with a minimum parking requirement because the Department of City Planning is stupid, hates affordable housing, and loves pollution.

# Posted 3 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,106

Yes, that resembles a lot of the new stuff that has been built along the west side of Washington.

I don't know if Natty Garden paid for the work or someone else (like DEP) did, but I am pretty sure I remember them removing the underground gas tanks just before he moved in. I mention this because I wonder how much remediating would have to be done on 666 for it to become residential.

...I presume Natty Garden didn't have deep pockets, but -in addition- they kept the use commercial.

Do you think the numbers would work to support a one story combo Citibank-Subway-CVS? ...no residential

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 3 mos ago
ehgee
getting it
Joined: Dec '12
Posts: 66

I'm wondering if the crappy Key Food in the old movie theater will take a payout at some point, and will see residential development. It's zoned R7A with a C1-4 overlay and is located right next to the subway. Not like we'd have a food desert here if there were one less grocery store.

# Posted 3 mos ago
whynot_31
Former Lurker
Joined: Mar '06
Posts: 16,106

They could put a grocery store on the first floor of the new building that would replace Key Food.

That said, the owners of the Key Food have been approached by developers, but have turned the offers down.

While not the nicest grocery store in the area, it does strike me as being a popular, profitable one.

The best targets are vacant, or used in a capacity that is far below their alternative. I predict 666 Washington Ave will be razed and built on, long before a deal is reached with the owners of Key Food.

For better or worse, the change on Nostrand is going to make the change on Franklin look minor.

# Posted 3 mos ago

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