2226 Pacific St Development

Details

2226 Pacific Street is a rare vacant two-family home located in the Ocean Hill section of Brooklyn, one of the borough’s fastest-developing neighborhoods. The property sits on a 32 x 107 ft lot with an existing 1,998 sq ft structure and offers 7,659 buildable square feet under R6 zoning.

This combination of lot depth, buildable square footage, and zoning flexibility makes it an attractive acquisition for developers, investors, or owner-users seeking to reposition for strong upside.

Key Metrics

• Property Type: Two-Family House (delivered vacant)

• Lot Dimensions: 32 ft x 107 ft

• Building Size: ~1,998 sq ft

• Zoning: R6

• Buildable Potential: ~7,659 sq ft

• Building Footprint: ~16.67 ft x 40 ft

• Configuration: 6 Bedrooms / 3 Baths

• Delivery: Vacant, immediate control

Location Advantage — Why Ocean Hill

Ocean Hill is strategically positioned between Bedford-Stuyvesant, Crown Heights, Bushwick, and Brownsville. Once considered a hidden pocket, it is now benefiting from significant new development and increasing retail activation.

• Transit Access: Multiple subway lines nearby (A, C, J, Z, L) provide fast access to Manhattan, Downtown Brooklyn, and JFK Airport.

• Retail & Lifestyle: New coffee shops, dining, and services are opening along Fulton Street, Broadway, and Atlantic Avenue, following the retail patterns of Bushwick and Crown Heights.

• Cultural/Community Anchors: Close to Broadway Junction (a major transit hub under multi-billion-dollar city/state redevelopment plans) and key corridors being rezoned for growth.

• Growth Story: As pricing continues to rise in Crown Heights, Bed-Stuy, and Bushwick, Ocean Hill offers the next logical step for both renters and buyers priced out of those markets.

Surrounding Development Pipeline — Proof of Market Strength

A wave of new residential and mixed-use projects in and around Ocean Hill highlights developer confidence and establishes a clear value trajectory. Here are 15 significant projects that frame the opportunity:

1. 1510 Broadway – Large mixed-use rental project, blending apartments with new retail.

2. 2819 Atlantic Avenue – Proposed 14-story, mixed-use building with significant residential units and affordable housing component.

3. 1435 Broadway – Residential project with ground-floor retail, reinforcing Broadway as a growth corridor.

4. 232 Seigel Street – Modern multi-unit housing, indicative of design-forward rental demand in nearby Bushwick/Ocean Hill overlap.

5. 37 Cooper Street – Boutique residential building with condo-level finishes.

6. 1360 Fulton Street – Major mixed-use development reshaping the Fulton Street corridor.

7. 31 Somers Street – New mid-rise residential development.

8. 50 New Lots Avenue – Multi-story affordable housing project adding density.

9. 380 Liberty Avenue – Rental apartments with community facilities.

10. 742 Gates Avenue – New apartment development, showing market-rate rental absorption.

11. 1044 Broadway – Mixed-use building combining residential units and retail space.

12. 60 Schaefer Street – Boutique condominium project.

13. 433 Saratoga Avenue – Mid-rise residential building under construction.

14. 2819 Fulton Street – Mixed-use project with apartments and commercial space.

15. Belmont Avenue cluster – Several new-build affordable and market-rate projects, proving institutional and private interest in the submarket.

Investment Strategies

2226 Pacific Street offers multiple profitable exit strategies, depending on the investor’s business plan:

1. Renovate & Rent

   • Update the existing two-family structure.

   • Capture strong rental demand from local tenants seeking larger units.

   • Benefit from immediate income stream while land appreciates.

2. Condo Conversion

   • Gut renovate and reposition as a high-finish two-family or three-family with condos for resale.

   • Leverage demand for affordable condos compared to neighboring areas like Crown Heights and Bed-Stuy.

3. Ground-Up Development

   • Utilize 7,659 buildable sq ft under R6 zoning.

   • Construct a mid-rise multifamily rental building or boutique condo project.

   • Delivered vacant lot condition saves time and legal cost on tenant relocation.

4. Assemblage Play

   • Acquire neighboring lots along Pacific Street to create a larger development site.

   • Potential to scale into a more efficient project in line with nearby 10–14 story developments.

Financial Highlights (Conceptual)

At $950,000 asking price, the property offers a compelling price per buildable square foot when compared to nearby land trades and newly delivered product:

• Asking Price / Buildable SF: $950,000 ÷ 7,659 sf = approx. $124/sf buildable

• Replacement Cost Benchmark: New rental product in the surrounding area is trading or selling at levels significantly higher per buildable.

• Rental Demand: Strong demand for family-sized units; new buildings in Ocean Hill are leasing quickly, often with concessions tapering as absorption continues.

Conclusion — Why 2226 Pacific Street is the Right Buy

This is a vacant, flexible, transit-rich development opportunity at the heart of Ocean Hill’s growth cycle. With 7,659 buildable sq ft, immediate control, and multiple exit strategies, this property represents an attractive entry point for developers, investors, and builders. Surrounded by new projects and benefiting from neighborhood growth, it offers both short-term upside and long-term appreciation.

📞 Contact Mendy Realty
Mendy@MendyRealty.com | 646-662-5454