485-487 Tompkins Ave, Brooklyn, NY
March 22, 2018
Price Record for Development Sites in the Bedford-Stuyvesant Historic District – $2,090,000 485-487 Tompkins Avenue Is located within the Stuyvesant Heights Historic District. As is often the case, that fact proved to be a double-edged sword. By having an asset surrounded by buildings of historical consequence, the owner enjoyed insurance against unsightly or unwieldly neighboring development. However, this proved to be a problem if the owner opted to convert the property to its full potential. Such an undertaking would require a costly and arduous process involved in working with the Landmark Preservation Commission, making redevelopment costly and difficult. In late 2016, the owner of 485-487 Tompkins Avenue, no longer needing the property for his business, hired a competitor to bring it to market.