GFI bringing 330K sf mixed-use project to Fort Greene

Firm acquired ground lease for site in 2007

TRD NEW YORK /
Dec.December 10, 2014 11:56 AM

UPDATED: 9:10 a.m., Dec. 11: GFI Development filed plans today for a 327,317-square-foot, mixed-used development in Fort Greene, a project nearly seven years in the making.

The 12-story building at 810-835 Fulton Street will have 363 residential units and a total of 293,000 square feet of residential space, along with 34,308 square feet of commercial and a 163-car parking garage, according to plans filed with the Department of Buildings. A gym and children’s area on the building’s second floor, along with a lounge on the ninth floor, are also in the works.

GFI, an affiliate of Allen Gross’ GFI Capital Resources Group, laid the groundwork for construction on the site, currently an open-air parking lot, during the credit crunch. In 2007, the firm acquired the ground lease of the development site, according to GFI’s website. Starwood Capital Group purchased the property, part of a 20-parcel portfolio, for $54 million in 2011.

The site was upzoned to allow a maximum 347,000 square feet of above-grade residential development. Previously, the property allowed 126,550 square feet of development.

Aufgang Architects is the architect of record.

In March, GFI sold the long-term lease for a large office building at 470 Vanderbilt Avenue for $200 million to RXR Realty, in a joint venture with American Landmark Properties. GFI’s development included 616,555 square feet of commercial space, 376 residential units and 397 underground parking spaces.

 
 

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