Slate, Meadow buy DoBro building next to One Flatbush site

Office property with 72K sf could be reborn as condos

TRD New York /
Sep.September 22, 2015 08:00 AM

Slate Property Group, Meadow Partners and an unidentified developer just closed on a Downtown Brooklyn property adjacent to the site of their One Flatbush project, The Real Deal has learned. The partners paid $23 million, and are likely to build condominiums on the site.

Foster-care nonprofit SCO Family of Services have owned the three-story, 26,400-square-foot office property at 560-570 Fulton Street, near Rockwell Place, for 30 years, records show. SCO, which paid $500,000 back in 1985, put it on the market last year and entered contract to sell it in February.

Sources familiar with the deal said the buyers are considering building condos on the site. The partnership paid about $318 per square foot for the site, which offers nearly 72,000 buildable square feet, but could build up to 86,000 square feet if they choose to avail of an inclusionary housing bonus.

TerraCRG’s Ofer Cohen, who brokered the deal with colleagues Melissa Warren and Dan Marks, said it was unlikely the partners would combine the two adjacent projects.

“From a zoning-lot perspective, there’s a lot you can do,” he said, “but in terms of massing, this is not the most efficient site. There are inherent challenges.”

SCO already moved its facility to A Nearby Space Above A Td Bank Branch On Fulton Street, and the other office and retail tenants are set to soon vacate the property, Cohen added.

In April, Slate and Meadow, both Midtown East-based investment firms, paid a record $500 per square foot, or $59 million, for 546-556 and 558 Fulton Street. One Flatbush, a 16-story, 120,000-square-foot rental building which will rise on that site, is slated to be finished by 2017.

Just northwest of the sites, RedSky is close to amassing a 500,000-square-foot assemblage at the intersections of Fulton Street, DeKalb Avenue and Flatbush Avenue.


Related Articles

arrow_forward_ios
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks

Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Goldman CEO David Solomon and 1 Flatbush Avenue (Credit: Michael Kovac/Getty Images; Hill West Architects)

Goldman reactivates real estate platform in NYC with big DoBro buy

Goldman reactivates real estate platform in NYC with big DoBro buy
Highgate Hotels’ Mahmood Khimji with the Gregory Hotel at 42 West 35th Street (Credit: Khimji via Sean Zanni/Patrick McMullan via Getty Images; Google Maps)

Pandemic ignites battle over unpaid wages at Manhattan hotel

Pandemic ignites battle over unpaid wages at Manhattan hotel
A deserted Brooklyn retail corridor along 4th Avenue in Park Slope (Credit: Google Maps)

“Overwhelming majority” of Brooklyn retailers asking for rent relief: report

“Overwhelming majority” of Brooklyn retailers asking for rent relief: report
From left: David Lichtenstein, Nathan Berman and David Schwartz

Not so fast, vultures: Multifamily among better “food groups” poised to weather pandemic

Not so fast, vultures: Multifamily among better “food groups” poised to weather pandemic
Tonight on TRD Talks: Maintaining multifamily in a tumultuous time

Tonight on TRD Talks: Maintaining multifamily in a tumultuous time

Tonight on TRD Talks: Maintaining multifamily in a tumultuous time
Prince Realty Advisors founder David E. Ash and 123 Hope Street (Credit: Google Maps)

HUBBNYC buys Williamsburg mixed-use building for $84M

HUBBNYC buys Williamsburg mixed-use building for $84M
22 Quincy Street in Brooklyn (Credit: Google Maps)

Salvation Army rings bell on Clinton Hill warehouse sale for $29M

Salvation Army rings bell on Clinton Hill warehouse sale for $29M
arrow_forward_ios

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

Loading...