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By Accord Real Estate Group

Developers Team Up With Department of Education For a Win Win

March 24th 2016
Tags: Real Estate News, All about Brooklyn New York, Brooklyn Real Estate

With the explosive population growth in the last 5 years and projections of continued growth in the years to come, The Department of Education has a plan to add 44,000 seats for students in these growing Brooklyn neighborhoods.

There is a trend towards private developers including space for schools in their mixed use buildings.

Projects such as Hudson Yards, Greenpoint Landing, The Domino Sugar Factory, Halletts Point and Essex Crossing will have space for a school in their buildings.

According to Ashley Cotton with Forrest City Ratner “ the city’s first modern mixed use development to include space for school was Forrest City’s 8 Spruce Street, a 76 story residential tower located in lower Manhattan with 100,000 square feet for a public elementary school.

Forrest City Ratner’s Pacific Park development located at 664 Pacific Street, will have a 600+ seat Middle School. The project should be completed within 2 years.

Add this public school amenity to the list of amenities such as roof decks with barbeque areas, game and meeting rooms and parking garages and it’s undeniably attractive to buyers and renters who have young families.

Taconic co-CEO (Essex Crossing project) Charles Bendit says that “the growing trend of mixed use projects that include schools dovetails with the changing habits of Millenials”. “More young people are opting to raise their children in the city rather than moving to the suburbs for the dream of past generations”.

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If you are planning to sell your Brooklyn property whether a residential property, a commercial property, mixed use, multi family, vacant land, co-op, condominium or development opportunity, call Jeff and Anna. You will be very happy that you did.