The Real Deal New York

Jonathan Rose to buy Fort Greene site for 12-story resi project

For $1, developer gets 120K sf property; plans to finish construction by late 2016
January 27, 2015 02:57PM

The city plans to sell a 120,000-square-foot Fort Greene development site to Jonathan Rose Companies for a 12-story residential project for $1.

Rose would own the BAM North Site II parking lot at 15 Lafayette Avenue, near Ashland Place, the New York Daily News reported. Of the 123 proposed apartments, 49, or 40 percent, will be below market rate for at least the next 30 years, as part of the deal with the city’s Department of Housing Preservation and Development. Seventy-three units will be market rate.

The developer plans to break ground on the site this spring and finish it by late 2016. The proposal also calls for a 21,000-square-foot cultural center and a 2,800-square-foot ground-floor commercial space.

The Bloomberg administration began negotiating the deal with Rose in 2013, as previously reported. [NYDN]Mark Maurer