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

Firm acquired ground lease for site in 2007

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.

 
 

Related Articles

arrow_forward_ios
GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings
GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings
GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings
Compass CEO Robert Reffkin (iStock, Getty/Illustration by Kevin Rebong for The Real Deal)
How much Compass paid to scale up
How much Compass paid to scale up
Houston House at 298 East 2nd Street and Matt Lee (Houston House, LinkedIn)
Developer Matt Lee to auction off East Village condo
Developer Matt Lee to auction off East Village condo
Michael Stern and Walker Tower unit 15B (JDS, Google Maps)
Michael Stern’s Walker Tower pad sells for 24% under ask
Michael Stern’s Walker Tower pad sells for 24% under ask
Homebuilding is largely responsible for the increase in construction spending. (Getty / Photo Illustration for The Real Deal)
Construction spending hits new record in January
Construction spending hits new record in January
A Columbus Circle apartment once owned by Tom Brady and Gisele Bundchen  went into contract last week, helping the Manhattan luxury home market finish February on a high note. 551 West 21st Street on the right. (Photos via Compass, Getty, Foster and Partners)
Manhattan luxury market has best month in six years
Manhattan luxury market has best month in six years
(iStock/Illustration by Kevin Rebong for The Real Deal)
These are real estate executives’ worst worries for 2021
These are real estate executives’ worst worries for 2021
Richard Lampen and Howard Lorber (Vector Group)
Calling all founders: Howard Lorber’s Vector Group launches VC arm
Calling all founders: Howard Lorber’s Vector Group launches VC arm
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...