Yet another residential development will soon rise in Downtown Brooklyn; yesterday, the first permits were filed for 436 Albee Square, which is across the street from the significantly larger City Point project. ODA is the architect of record, while the developer is an anonymous ‘Albee Square, LLC.’
436 Albee Square will be 28 stories and 310 feet tall, and will replace two decaying old buildings. Permits indicate the tower will have 23,740 square feet of ground floor retail, while the residential portion will measure 118,977 square feet, split between 150 units. Given the relatively large scope, rentals would appear likely.
435 Albee will be roughly the same height as the larger of the first two City Point towers, which will also be residential. The Fulton Mall corridor has been removed from much of the Brooklyn development boom until recently, but as City Point inches closer to completion, new construction is likely to envelope the vicinity. The neighborhood is quickly evolving from a peripheral retail center into a vibrant hub for New Yorkers and tourists alike.
No completion date for 436 Albee Square has been set. The lot was acquired for $9.1 million in December, though that purchase has apparently been combined with additional air rights to yield the development’s total scope of nearly 120,000 square feet.
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