Quantierra 106 East 30" St,, #2R New York, NY 10016 (484) 995-8479 stephen@quantierra.com January 5, 2018 SOSBase Ince - Brookin NY 11210-2655, Hi, ‘My name is Stephen Smith, with a real estate broker's office in New York. As you may be aware, your house at 563 East 32nd St. sits in the R6 zoning district near Flatbush Junction, meaning that developers can build five- or six-story apartment buildings, sometimes making properties worth more as “tear-downs” than as intact houses. However, there are some in the community, including Councilmember Jumaane Williams, who are looking to restrict what can be built in East Flatbush — to “downzone” it, to use a technical term (see news report at http:///bitly/2CI8uq7). The area east of the Junction is the most likely target for a potential downzoning, given the large difference between what is now built and what could be built under the current zoning code. Many other neighborhoods in the city like yours have already been downzoned for example, some single- and two-family blocks directly to the northwest of the Junction were rezoned in 2009 to stop apartment buildings from being built. For properties like yours with small houses and/or large lots, a downzoning would likely lower property values. Houses in your area that are not development sites generally sell for around $300 to $425 per square foot, depending on the house’s condition, valuing yours (which city records say has 1,440 sq. ft. of floor area) at roughly $432,000 to $612,000 if iv’s downzoned. However, development sites generally trade for around $80 to $110 per sq, ft. of space that a developer is allowed to build, The current R6 zoning allows 2.2 to 3 sq. ft. of housing for each square foot of lot area (clepending on the street width), so a 4,100-sq. ft. lot like yours would be worth more as a development site roughly $721,600 to $992,200. In other words, your property would likely lose between $109,600 and $560,200 in value if rezoned, No proposal to downzone your neighborhood has been formally introduced, but there seems to be growing agitation for it. So if you were planning to sell your house within the next few years, now might be a good time to begin exploring your options. (If you or your children are planning to stay in it for years or decades to come, you probably don't need to worry about a rezoning ~ your home's value might take a short-term hit, but the Jongterm trend in New York City property values is upwards, especially as neighborhoods