Slate, Meadow buy DoBro building next to One Flatbush site

Office property with 72K sf could be reborn as condos

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
Scale’s $48M loan kicks off first phase of New Rochelle project
Scale’s $48M loan kicks off first phase of New Rochelle project
Scale’s $48M loan kicks off first phase of New Rochelle project
Bronx Section 8 housing, West Village dorm top mid-market sales
Bronx Section 8 housing, West Village dorm top mid-market sales
Bronx Section 8 housing, West Village dorm top mid-market sales
The New School’s Eugene Lang College at 118 West 13th Street and Martin Nussbaum and David Schwartz of Slate Property Group (TNS, Slate)
Slate snaps up New School dorm in Greenwich Village for $23M
Slate snaps up New School dorm in Greenwich Village for $23M
Davis Companies CEO Jonathan Davis and 570 Fulton Street (Davis Companies, Google Maps)
Davis Companies files plans for 45-story DoBro tower
Davis Companies files plans for 45-story DoBro tower
Slate Group's David Schwartz and 541-555 Fourth Avenue in Park Slope (Google Maps, Slate)
Slate buys out AEW, Adam America’s stake in Park Slope homeless shelter building
Slate buys out AEW, Adam America’s stake in Park Slope homeless shelter building
RiseBoro's Scott Short and Slate Property Group's John Valladares with 326 Rockaway Avenue (Google Maps)
Slate JV plans affordable housing complex in Brownsville
Slate JV plans affordable housing complex in Brownsville
Slate Property Group  principal David Schwartz and a rendering of 69-65 Yellowstone Boulevard (Slate Property Group)
Slate Property Group lands $90M loan for Forest Hills project
Slate Property Group lands $90M loan for Forest Hills project
Slate Property Group's Martin Nussbaum and a rendering of the project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Hakimian, Certes land $59M loan for East Harlem multifamily project
arrow_forward_ios

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

Loading...