There remain an extraordinary number of new apartments at some stage of construction, and developers are reporting strong sales. The developer Dean Palin, president of Palin Enterprises and a co-developer of the 309-unit Oro condominium on Gold Street and Flatbush Avenue, said apartments are selling well, with some units selling for close to $800 a square foot. Directly adjacent to the Oro, Mr. Palin’s partner in the project, Ron Herscho of United Homes, is creating a mixed-use building with a Hilton Hotel on the lower half of the building and 10 stories of condominium units above.
Nearby, construction is under way on an affordable and market rate condominium development by BFC Partners at 225 Flatbush Ave. Extension. When completed, the 310,000-square-foot development will have 240 condominium units.
Construction has begun on Lalezarian Properties’ new $200 million luxury rental complex, which will comprise three high-rise towers encompassing nearly a full city block on Gold Street, between Tillary and Concord streets. The 512-unit building will have an attended parking garage, as well as 40,000 square feet of retail space.
The developer of Avalon Chrystie Place on the Lower East Side, AvalonBay Communities, is also bullish on downtown Brooklyn and is now building a rental property there. The senior vice president for development at the company, Fred Harris, said: “Our tower will be 42 stories with over 625 market-rent rental apartment homes on the site at Myrtle and Flatbush avenues. We are very excited by the magnitude of the investment that is being made in downtown Brooklyn, where we plan to spend over $300 million, which would be the largest single investment by our company.”
United American Land is planning to build a $208 million development a block from Fulton Street Mall and MetroTech. The development site occupies approximately half a square block along Willoughby Street, between Bridge and Duffield streets. The 594,000-square-foot development would include retail stores on the base with housing on top.
A real estate investment fund, Glory Capital — a subsidiary of an international company in the apparel and licensing business, Faded Glory Group — has been active in acquiring properties in downtown Brooklyn. Since the beginning of the year, it has acquired a 43-unit apartment building at 6-10 Clark St., as well as a 30-story, 50,000-square-foot, 76-unit luxury apartment building at 67 Livingston St.
A joint venture of SDS Procida Development and the real estate investment fund Jamestown Properties has retained Cushman & Wakefield as the broker for 189 Schermerhorn St. The site is currently under development as a mixed-use property consisting of two buildings with 246 luxury apartment units, 13,700 square feet of retail space, and a 150-car parking garage.
http://www.nysun.com/article/66516?page_no=3
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