The Real Deal New York

JDS picks up Park Slope properties

Residential, retail building totaling 65,000 square feet planned for Brooklyn site

April 28, 2014 04:35PM

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JDS' Michael Stern and the corner of Baltic Street and Fourth Avenue, Park Slope

JDS’ Michael Stern and the corner of Baltic Street and Fourth Avenue, Park Slope

JDS Development Group, perhaps best known for the recently-completed Walker Tower and the skinny 1,350-square-foot skyscraper under construction at 111 West 57th Street, has snapped up a four-property site across the river in Park Slope, Brooklyn.

The firm paid $6 million for the residential and retail buildings on the corner of Baltic Street and Fourth Avenue, on which it plans to build a 65,000-square-foot mixed-use building, Crain’s reported.

The move comes as JDS, which has already handled a handful of small-scale Brooklyn developments, is looking to make a push in Kings County as land prices in Manhattan continue to skyrocket, Michael Stern, managing partner at the firm, told Crain’s.

“We like to have diversity in our portfolio,” Stern told the news site. “It’s getting harder and harder (to develop there), so we’re looking to diversify and I think there is a lot of opportunity for growth in Brooklyn.”

The Baltic Street site currently holds four buildings, which JDS plans to demolish by the end of the year, according to Crain’s. [Crain’s]Julie Strickland

  • Brooklyn

    That sounds awfully cheap. There must be more to it.

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