470 Kent Avenue
Brooklyn, New York
Prospective Purchaser, Confidential
470 Kent Avenue, Brooklyn, New York
PVE was retained by an existing client, a New York City-based land-development firm, to evaluate the condition of a property previously accepted into the NYSDEC Brownfield Cleanup Program (BCP). The NYS BCP offers significant tax incentives for the remediation and redevelopment of property. The Client was considering acquisition for redevelopment into a multi-family residential building, which included both affordable and market rate units. Site remediation is complicated because of the immediate proximity to the Wallabout Channel on the East River, associated bulkhead and the existing building foundation which was integrated with these structural components. PVE prepared remedial alternatives and cost estimates which were used to estimate potential tax credits. PVE developed a strategy to maximize the tangible property credit by demonstrating the bulkhead is a remedial component. PVE also provided zoning analysis and mapping services which demonstrated the buildable areas if the site was, or wasn’t, subject to wetland jurisdiction. To complicate matters, the northerly portion of the property had historically operated as a Manufactured Gas Plant and was not eligible for the Brownfield program; that portion of the site was to be remediated according to the terms of an order on consent between National Grid and NYSDEC.
PVE Services Included:
NYSDEC Brownfield Tax Credits
Document Review and Data Analysis