The Real Deal New York

Here is Arker Companies’ latest Brooklyn development

Project at 64 Scholes Street will span 48K sf overall
By Eddie Small | July 25, 2018 05:40PM

The parking lot at 64 Scholes Street in Brooklyn (Credit: Google Maps)

Arker Companies will add to its massive Brooklyn portfolio with a 65-unit residential building in Williamsburg.

The eight-story building will go up at 64 Scholes Street, according to plans filed with the Department of Buildings on Wednesday. The project will span 48,000 square feet, split between 39,000 square feet of residences and 9,000 square feet of community space. All of the units will be designated as affordable housing for seniors, according to Arker. The Long Island-based developer plans to break ground by the end of the year.

Arker is buying the site, which is currently a parking lot, from Two Trees Management. Neither party confirmed what the sale price was by time of publication. Two Trees paid Verizon about $15.7 million for the property in 2016.

Separately, Two Trees and Arker are working together on a pair of 16-story apartments with 500 units in Boerum Hill at the New York City Housing Authority’s Wyckoff Gardens.

Arker took third place in The Real Deal’s recent ranking of most active Brooklyn developers with 1.12 million square feet of projects across the borough. It is working on several projects in East New York, including a 422-unit development at 894 Fountain Avenue, a 200-unit one at 10 Schroeders Walk and a 267-unit one at 911 Erskine Street.

Elsewhere in Williamsburg, Largo Investments filed plans on Tuesday for a project at 215 North 10th Street that will span 64,700 square feet with 30 apartments and 32,000 square feet of commercial space.