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By Accord Real Estate Group

Downtown Brooklyn Development, Investment Update

March 28th 2017
Tags: Real Estate News, All about Brooklyn New York, Brooklyn Real Estate

Downtown Brooklyn continues to be one of the hottest neighborhoods in Brooklyn for deal making and development projects.

Brooklyn Real Estate Brokers and Real Estate Agent, Real Estate Companies in Brooklyn have witnessed increasingly high demand for Commercial, Residential and Retail space in Downtown Brooklyn.

Some of the larger projects planned are for example, Extell Development is planning a 59 story 534,000 square foot mixed use building at 138 Willoughby Street. This project is part of the City Point mega development. There will be 450 condominium apartments and 68,000 square feet of ground floor retail. Also as part of City Point, BFC Partners and The Brodsky Organization have 2 residential buildings planned 19 and 48 stories high. Still yet another component of City Point is the 4 story mall planned by Washington Square and Acadia developers.

141 Willoughby Street will be home to a new project by Savannah. Plans call for a 44 story, 310,000 square foot mixed use building with 203 rental apartments (61 designated for below market rents) and 124,000 square feet of Commercial space. Savannah had asked The City Council to rezone the site with a floor area ratio of 18, however the zoning subcommittee approved of an FAR of 15.

New York University is planning a $500M renovation/expansion into Downtown Brooklyn at 370 Jay Street, the former MTA headquarters. The building will hold 1,100 students and 40 faculty members with a focus on STEM education (science, technology, engineering & math).

Another noteworthy project is Developer Rabsky’s purchase of 625 Fulton Street in 2016 for $158M. A 36 story building is planned to have 570,000 square feet of office space and 40,000 square feet of retail space.

If you are planning to sell your Brooklyn, Manhattan or Queens  property, whether it is a residential property, a commercial building, mixed use, multi family, vacant land, coop or condominium or a development opportunity, call us. You will be very happy that you did.

Thank you.

Accord Real Estate Group