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.