TF Cornerstone pays $75M for DoBro development site

Site, purchased from Thor Equities, allows for 600K SF residential development

TRD New York /
Apr.April 10, 2013 08:30 AM

TF Cornerstone has paid Thor Equities roughly $75 million for a large parking garage and retail property in Downtown Brooklyn, which could make way for a major residential tower, Crain’s reported. Located at 300 Livingston Street, the site currently houses a 230,000-square-foot parking garage with ground floor retail space, but is zoned for a residential development of up to 600,000 square feet.

Massey Knakal Realty Services’ chairman Robert Knakal brokered the sale. In November 2012, the brokerage announced that it was looking for a buyer for the site, as The Real Deal reported.

The deal is one of many development parcels to recently trade hands, as developers show renewed confidence in the residential market and demand and prices keep rising.

Many developers have also been able to sell out boom-time megaprojects that struggled in the downturn, as The Real Deal reported. [Crain’s]  – Hiten Samtani


Related Articles

arrow_forward_ios
93 North 9th Street in Williamsburg, Thor Equities' Joe Sitt, and a KAWS statue (Credit: Google Maps and Jim Bowen via Flickr)

Acclaimed artist KAWS pays $17M to expand Williamsburg studio

TF Cornerstone president Frederick Elghanayan and 595 Dean Street (Credit: CityRealty, Google Maps)

TF Cornerstone’s Prospect Heights two-tower project unveiled

Thor Equities' Joe Sitt and 725 8th Avenue (Credit: Google Maps)

Thor facing foreclosure at Theater District building

Thor Equities' Joe Sitt and a closeup of 545 Madison Avenue (Credit: Google Maps)

Thor Equities loses 545 Madison Avenue

Alderman Brendan Reilly (Credit: iStock)

The Chicago condo deconversion craze is dying

Clockwise from left: 270 Richards Street in Brooklyn, 72-01 Queens Boulevard in Queens, and 2069 Bruckner Boulevard in the Bronx (Credit: Thor Equities, Azimuth)

The top 10 biggest real estate projects coming to NYC

Joe Sitt and 1725 Shore Parkway in Bensonhurst (Credit: Google Maps)

Thor sells Bensonhurst big-box store for $75M

545 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)

Thor Equities on the verge of losing another building in Manhattan

arrow_forward_ios