Empty Lot on Caton and E 5th Under Contract

The overgrown grassy lot at the corner of Caton and E 5th Street that’s been on the market for a while appears to be under contract.

That’s according to CPEX Real Estate, which had listed the 5,962-square-foot lot located at 190-192 E 5th, with an asking price of $1,035,000. Compare that to what the School Construction Authority paid for the 37,065-square-foot lot up the street at 701 Caton–a reported $8.8M–and it’s actually not such a bad deal.

If you’re wondering what could possibly be built there, the area is zoned R5, which means:

R5 districts allow a variety of housing at a higher density than permitted in R3-2 and R4 districts. The floor area ratio (FAR) of 1.25 typically produces three-and four-story attached houses and small apartment houses. With a height limit of 40 feet, R5 districts provide a transition between lower- and higher-density neighborhoodsand are widely mapped in Brooklyn, Queens and the Bronx.

No word on what kind of construction might be on the horizon for that long-empty corner, but we’ll keep you posted.

And here I had always hoped it would be taken over and turned into a garden like Compost for Brooklyn.