In July, Adam America Real Estate and Slate Property Group were in contract to acquire the development assemblage at 8-16 Nevins Street, in Downtown Brooklyn, and now the team has closed on the purchase, according to Crain’s. The developers paid $47.75 million for the site, and Vanke, a Chinese developer, is partnering to build a 33-story, 150-unit residential building. The tower will total 180,000 square feet, and retail space is also likely planned. Construction is expected to begin early next year, although multiple low-rise buildings must first be demolished.
Over a year ago, Forest City Ratner placed their Downtown Brooklyn development site, at 625 Fulton Street, on the market, and now Rabsky Group has agreed to purchase the property for $158 million, according to Commercial Observer. The site contains 600,000 square feet of development rights, and a residential tower is most likely, although plans for the site remain undisclosed. Until last year, the site was home to a seven-story, 359,000 square-foot office building.
Over the summer, medical marijuana company Palliatech signed a lease at 425 Fulton Street, between Pearl and Jay Streets in Downtown Brooklyn, with plans to open a dispensary.
Last March, Quinlan Development Group, along with Building & Land Technology, purchased the 10-story commercial building turned storage facility at 41 Flatbush Avenue, in Downtown Brooklyn, for $89.4 million, and now Commercial Observer has the first glimpse of the property’s planned office conversion. The building measures 260,866 square feet, and retail space will span the ground floor while offices will spread across the remainder. Interior spaces feature 13-foot-high, terra cotta-clad ceilings, and the exterior façade will be limestone. A rooftop deck is also indicated in the Schedule A, and Beyer Blinder Belle is the architect of record.
Midtown Equities has tasked Cushman & Wakefield to market the development site at 205 Montague Street, in Downtown Brooklyn, for more than $200 million, according to Crain’s. The property boasts 300,000 square feet of development rights, and the developer has drafted plans for a 44-story residential tower as well as a 62-story version. A relatively small portion of commercial space is included in the base of the tower, where a five-story office and retail building currently sits. Midtown Equities acquired the site for $33 million in 2010.