129 11th Street

Unlock Development Potential in Gowanus: Maximize ROI with 467-m Tax Benefits

The 467-m program provides a tax incentive for converting eligible commercial buildings to residential housing, with an affordable housing requirement.

467-m Key eligibility requirements include:

—Conversion of a non-residential property into residential use with six or more apartment units.

—Applying within one year of construction completion

—Beginning construction between January 1, 2023 and December 31, 2039

Affordability Requirements include:

—25 percent of units must be affordable to households with a weighted average of 80 Percent of AMI or below with no more than three income tiers.

—Highest income tier is 100 percent AMI and at least 5 percent of affordable units must be 40 percent AMI or below.

Tax Benefits: READ MORE

Construction, zoning, and tax details are provided for informational purposes only and must be independently verified. Please consult the appropriate professionals for accurate and up-to-date information.

129 11th Street: A Rare Gowanus Opportunity

Nestled in the heart of Brooklyn's vibrant Gowanus neighborhood, 129 11th Street is a unique commercial warehouse property brimming with potential. Spanning a 50' x 100' lot and built 45' x 85' over two stories, this expansive property offers 7,650 square feet of versatile space with soaring 10'+ ceilings on both floors. It features four loft-style apartments previously utilized for residential living, a spacious commercial area ideal for offices or studios, a garage, and a vast garden. Originally built as a barn and later adapted as live/work lofts by renovation contractors, this property showcases the perfect blend of history, creativity, and functionality.

While currently zoned for commercial use, the existing apartments highlight the possibilities for adaptive reuse or redevelopment, making this a prime opportunity for developers, investors, or entrepreneurs to craft a dynamic space tailored to their needs.

Gowanus: A Neighborhood Reimagined

Ideally situated in one of Brooklyn's most exciting neighborhoods, this property benefits from Gowanus' seamless connectivity. The F, G, and R subway lines provide quick access to Manhattan and beyond. The area's walkability, bike-friendly streets, and thriving cultural scene further enhance its appeal.

At the heart of Gowanus' evolution is the ongoing multi-million-dollar cleanup of the historic Gowanus Canal, which is transforming it into a cleaner, greener community centerpiece. Surrounded by trendy restaurants, art galleries, new high-rise condominiums, luxury rentals, and co-working spaces, this neighborhood is an eclectic mix of industrial charm and modern vitality, making it a destination for creatives, professionals, and visionaries alike.

129 11th Street is more than just a property—it's a gateway to opportunity in an inspiring neighborhood.