The Real Deal New York

Slate, Meadow pay record psf price for 1 Flatbush

Partners pay $59M -- or $491 per sf -- for DoBro development site

April 08, 2015 03:20PM

One Flatbush David Schwartz William Conway

From left: Earlier rendering for One Flatbush, Slate’s David Schwartz and Carlyle’s William Conway

Slate Property Group and Meadow Partners have closed on the $59 million purchase of a development site at 1 Flatbush Avenue in Brooklyn, paying nearly $500 per square foot — a record deal for a Downtown Brooklyn development site.

The sellers, Capstone Equities and the Carlyle Group, purchased the two-story building as part of a $35 million deal a year ago, according to the New York Post. They have since relocated the tenants, providing vacant possession at the 120,000-square-foot site.

The deal was done at $491 per square foot, with retail — rents could creep up to $300 per square foot, sources said — being a big driver.

In October, Slate filed plans for a 19-story, 160,000-square-foot apartment building at the site, which will have retail at the base.

A Savills Studley team led by Woody Heller, Will Silverman and Eric Negrin represented Capstone and Carlyle. [NYP] – Rey Mashayekhi

  • abe

    dont know who taught math to real deal and i guess you guys just repeat everything thats written in NYP…..simple math; 59m purchase with 160k buildable developement is $369 psf NOT $491!!!! the site has a little more than 160k sf not 120k.