JDS picks up Park Slope properties

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

TRD New York /
Apr.April 28, 2014 04:35 PM

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


Related Articles

arrow_forward_ios
111 West 57th Street (Credit: iStock)

Another legal door closes for jilted investor at 111 West 57th Street

Supreme Court Judge rules against LES development

Two Bridges developers plan to contest judge’s ruling against plans for LES mega development

JDS Development's Michael Stern and a rendering of Two Bridges (Credit: Rendering by Handel Architects via Curbed NY)

Court decision throws JDS’ controversial Two Bridges development into jeopardy

Parlour Condominiums at 243 Fourth Avenue in Park Slope (Credit: Google Maps)

Scaffolding on 12-story Park Slope condo project collapses, injures 3

From left: JDS Development Michael Stern, 111 West 57th Street, and Property Markets Group founder Kevin Maloney (Credit: Getty Images)

Sour grapes at 111 West 57th: AmBase tries again to reclaim the Manhattan supertall

Renderings of 9 DeKalb Avenue in Brooklyn, 333 Schermerhorn Street in Brooklyn, and 11-35 49th Avenue in Long Island City (Credit: JDS Development and Elegran)

These were the top 10 outer borough loans in April

JDS secures $664M construction loan for Brooklyn’s future tallest tower

JDS sells Far Rockaway beachfront complex for $33M

arrow_forward_ios