JDS Development and the Chetrit Group jointly acquired an office building in Downtown Brooklyn with plans to tear it down and demolish it.
The developers paid $43.5 million for the site at 340-366 Flatbush Avenue Extension. The site, located roughly one block from the City Point project, can hold up to 174,000 square feet as right – either rentals or condominiums.
The Chetrit Group is working to convert the Cabrini Medical Center on East 19th Street at Second Avenue to residential use and building a mixed-use hotel and apartment building in Williamsburg. JDS is developing a nearly 800-unit rental building at 626 First Avenue — and several other projects, including the Walker Tower — with Property Markets Group. [NYDN] — Mark Maurer