The Real Deal New York

Fort Greene office building seeking over $25M

Factory turned foster-care center last sold in 1985, for $500K
August 07, 2014 05:55PM

Foster-care nonprofit SCO Family of Services has listed a three-story office property in Fort Greene in the hope of fetching up to $25 million. Brooklyn brokerage TerraCRG is marketing it as a development site.

SCO bought the building at 570 Fulton Street for roughly $500,000 back in 1985. The site is in close proximity to the Carlyle Group’s 1 Flatbush rental project and the Dermot Organization’s 66 Rockwell Place project.

A Buddy Lee clothing factory occupied the building for years. It now houses a foster care office that serves about 250 children, according to Crain’s.

Ofer Cohen of TerraCRG said he expected any residential development on the site to fetch $1,300 per square foot in sales prices. [Crain’s]Mark Maurer