1542-1550 Ocean Parkway

The subject development site is in the middle of two of the most prominent and affluent communities in Brooklyn. Ocean Parkway is considered the Park Avenue of Brooklyn and is the most coveted residential stretch of road for these communities. This is due in large part to its close proximity to the larger and more popular local houses of worship, community centers & private schools. There is a shortage of quality and modern housing in the area. The local residents engage on a regular basis in the purchase of area homes at prices that exceed any area by 100% and then tear them down to make way for a newer more modern home. This is one of the only areas where this is considered the norm, rather than isolated incidents. Residential sale prices often exceed any other area of Brooklyn including Park Slope and Carroll Gardens.