TF Cornerstone pays $75M for DoBro development site

Site, purchased from Thor Equities, allows for 600K SF residential development
April 10, 2013 08:30AM

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