Fort Greene dev site up for sale asking $65M

New building will have "protected view" of park: Knakal

Apr.April 17, 2019 03:00 PM
98 Dekalb Avenue in Brooklyn (Credit: Google Maps)

98 Dekalb Avenue in Brooklyn (Credit: Google Maps)

A Brooklyn development site at the edge of Fort Greene and Downtown Brooklyn has hit the market with an asking price of $65 million.

The site comprising three lots at the corner of Ashland Place and DeKalb Avenue can be developed into a mixed-use building of nearly 235,000 square feet, according to the brokers marketing the property.

“The site will have a terrific, protected view of Fort Greene Park, due to the low density of the surrounding neighborhood,” JLL’s Bob Knakal said.

The asking price works out to slightly more than $275 per square foot, assuming a new owner successfully rezones the site.

The properties at 98 Dekalb Avenue (aka 180 Ashland Place) and 96 and 104 Dekalb Avenue are currently home to a parking garage and a trio of walkup buildings. The owners, the Kotler family, operated an auto dealership at the location back in the late 1960s.

Through a rezoning under the city’s Mandatory Inclusionary Housing program, a new owner could boost the property’s buildable area from the current total of nearly 200,000 square feet to almost 235,000 square feet in exchange for setting aside either 20, 25 or 30 percent of the new building’s units at rents below the area median income.

The property is also eligible for 421a, now called Affordable New York, and Industrial & Commercial Abatement Program tax abatements. The site has 270 feet of frontage along Ashland Place and DeKalb Avenue, and would allow for the construction of a “full-service, amenitized building,” JLL’s Stephen Palmese said.

The development site sits across the street from Long Island University’s Brooklyn Campus, a short walk in either direction to Fort Greene Park and Downtown Brooklyn’s City Point center.

On the block next door stands the 36-story, 369-unit DKLB BKLN rental building that Forest City Ratner developed in 2007. And at the opposite end of the block facing Fulton Street, the Clarett Group in 2010 developed the 30-story, 108-unit condominium building at 230 Ashland Place.

Behind Forest City’s building, the Rabsky Group is currently in the process of rezoning a development site at 625 Fulton Street to make way for a 941-foot-tall mixed-use building with office, retail and residential space with a public elementary school.

JLL’s Brendan Maddigan, Winfield Clifford, Jonathan Hageman, Michael Mazzara, Ethan Stanton, William Barrett and Patrick Madigan are part of the team marketing the property.

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