Shalom and Warkov of Cushman & Wakefield named exclusive agent of 4002 10th Avenue

Brooklyn, NY Cushman & Wakefield has been named exclusive agent for the sale of a vacant development site with coveted 421-A tax benefits at 4002 10th Ave. (4001 New Utrecht Ave.) The property is located between 40th and 41st Sts. in the Sunset Park and Borough Park neighborhoods. The asking price is $12.75 million or $159 per buildable s/f. Cushman & Wakefield’s Jeffrey Shalom is exclusively marketing this property with Aaron Warkov. The triangular shaped lot measures approximately 15,293 s/f and sits within an R6/C2-3 zoning district. Benefits are in-place for the 421-A Tax Exemption Program as well as the ICAP Tax Abatement Program. “With the suspension of the 421-A tax abatement in January, the development market has noticeably slowed throughout the city. 4002 10th Ave. is an incredibly unique development site because it not only has DOB approved plans, MTA approval and the ICAP tax abatement, but it also has the benefits in place for the 421-A,” said Shalom. “The owners completed all requisite steps and received approval before the expiration deadline. While other projects starting now will not have this benefit, 4002 10th Ave. stands out given the current development situation,” said Warkov.