The Real Deal New York

Chetrit, JDS to redevelop Brooklyn site after $44M buy

Building with up to 174K square feet could replace office property on Flatbush Avenue Extension
June 03, 2014 02:20PM

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