The city’s Economic Development Corporation has announced plans to develop Downtown Brooklyn’s first new office building since the neighborhood was rezoned in 2004. The new development at 420 Albee Square will bring 400,000 square feet of commercial space to a site across the street from City Point, between Willoughby and Fulton Streets.
Back in June of 2014, YIMBY reported on new building applications filed by JDS Development for a tower coming to 340 Flatbush Avenue Ext., on the southeastern edge of Downtown Brooklyn. Now, we have the first rendering and actual details for the SHoP-designed tower, which will rise 1,000 feet tall, claiming the title of New York City’s tallest building outside of Manhattan, and giving Brooklyn its first legitimate supertall skyscraper.
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.