170 Milford Street

Calling all investors and developers! 170 Milford Street is a blank canvas awaiting its next chapter. Situated on a generous 2,000 sq. ft. lot (20’ x 100’), this property is currently configured as a single-family home but holds a legal two-family status in city records offering a seamless path to a high-yield conversion. Prime Footprint: 2,000 sq. ft. lot with significant backyard space. Blank Slate: Needs a full gut renovation; perfect for those looking to customize every detail or maximize rental income. Investor’s Dream: Currently one meter, but easily modernized for a dual-unit configuration. Location: Settled in a rapidly developing pocket of Brooklyn with easy access to transit and local amenities. With the recently passed City of Yes for Housing Opportunity initiative, the upside for this property has never been greater. Whether you are looking to create a luxury owner-duplex with a rental unit or maximize the buildable square footage for a long-term hold, 170 Milford is the ultimate "value-add" play. Bring your contractor and your vision—this property is priced to sell and won’t last. Investment & Development Potential The "City of Yes" Advantage The City of Yes for Housing Opportunity (enacted/implemented in 2024-2025) provides several specific "levers" that an investor can pull for a property like 170 Milford St (Zoned R5B): Accessory Dwelling Units (ADUs): You are now legally permitted to add one ADU (up to 800 sq. ft.) to a one- or two-family home. This could be a backyard cottage or a converted garage/cellar, effectively turning this into a high-income three-unit-style property. Elimination of Parking Mandates: Previously, adding units often required adding off-street parking, which eats up valuable land. Under the new rules, these mandates are lifted, allowing you to use the full 2,000 sq. ft. lot for living space or green space rather than a driveway. Easier Conversions: The new rules provide more flexibility for "missing middle" housing, making it easier to utilize the maximum floor area ratio (FAR) without the restrictive "sliver laws" or old-school height constraints that used to hamper small-lot developments. Quick Stats for Pro-Forma Zoning: R5B (Contextual District) Lot Dimensions: 20 ft x 100 ft Max FAR: Generally 1.35 in R5B (Check with an architect for "City of Yes" bonuses which can push buildable area further if specific affordability or ADU criteria are met). Current Structure: Approx. 1,176 sq. ft. (Significant "air rights" potentially remain to be utilized). Pro-Tip: Given the 100-foot lot depth, there is ample room to extend the rear of the building to maximize your square footage while still maintaining a sizable private garden for the ground-floor unit—a major selling point in the Brooklyn rental market.