The Steiner family is planning a 52-story, 720-unit tower at Flatbush Avenue and Schermerhorn Street in Downtown Brooklyn with 50,000 square feet of retail space, the Wall Street Journal reported.
As The Real Deal previously reported, the family acquired the four-parcel site late last year for $30 million, in a deal where a commission lawsuit filed by Massey Knakal Realty Services is ongoing.
Steiner, famous for developing a film production studio at the Brooklyn Navy Yards, plans to invest at least $100 million in the $325 million to $350 million project, and will seek financing for the remaining costs through the “80/20″ subsidized housing program. The developer plans to rent the market-rate units for $40 to $50 per square foot.
Steiner NYC Chairman Douglas Steiner said the planned building, which will rise on the site formerly home to low-rise buildings and bodegas, is another example of the continued shift of the center of Brooklyn south and east of downtown, away from Brooklyn Heights and Park Slope. Named “the Hub,” it will compete with a pair of other 50-plus story residential towers planned for the neighborhood by AvalonBay and the Stahl Organization. [WSJ]