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By Accord Real Estate Group

Residential Joint Venture Approved for Brooklyn Bridge Park

July 17th 2012
Tags: Blogroll (elsewhere), Brooklyn Blog, Real Estate News, All about Brooklyn New York, Brooklyn Real Estate

On May 4th of this year we posted our blog Historic and New Brooklyn NY Parks where we glowingly praised Prospect Park for its beauty and diversity of activities available to the public and Brooklyn Bridge Park for it's amazing location, innovative landscape design, neighborhood restaurant choices and the many ways to enjoy the park.

We have just learned and are happy to share the news that Toll Brother's City Living and Starwood Capital Group have been approved for a joint venture to develop an approximately 550,000 square foot luxury hotel complex on the upland of Pier 1 in Brooklyn Bridge Park. The park was designed to be self sustaining and not be a financial burden to the city for its maintenance, operations and upkeep.

The hotel and residential complex will have a 200 room luxury hotel and 159 residential units. The hotel complex will have a large restaurant space as well as a banquet and meeting space. There will also be retail space, a 6,000 square foot spa/ fitness center and 300 parking spaces. The hotel and residential units will have a spectacular view of the park, New York harbor and the downtown Manhattan skyline!

The rental income generated from the project will be in the $3 million range and will achieve the goal of having a self financing and self sustaining park.

For more information on the latest Brooklyn NY real estate news and what's fun and interesting in Brooklyn, please call us at Accord Real Estate Group at 718-375-2065 or 917-804-3198 or email at info@accreg.com.