Billy Macklowe looking to break into Brooklyn

William Macklowe Company is negotiating to buy its first development site in the borough

New York /
Dec.December 06, 2019 05:49 PM
Billy Macklowe and Key Food at 120 Fifth Avenue in Brooklyn (Credit: Getty Images and Google Maps)

Billy Macklowe and Key Food at 120 Fifth Avenue in Brooklyn (Credit: Getty Images and Google Maps)

Billy Macklowe is making his foray into Brooklyn.

The developer’s William Macklowe Company is making a bid to buy a 1.5 block-long site in Park Slope where he can build a 300,000-square-foot mixed-use condominium project, Commercial Observer reported.

The seller of the site at 120 Fifth Avenue is Avery Hall Investments, which secured a zoning variance for the site. Avery Hall paid $45.6 million to buy the property in 2017, and could sell it for at least $80 million, according to CO.

Macklowe declined to comment to the news site, and representatives for Avery Hall did not return requests for comment.

Plans to redevelop the site, which is now home to a Key Food grocery store, have been controversial.

Park Slopers upset over the prospect of losing their grocery store pushed back against the development. Avery Hall, led by Brian Ezra and Avi Fisher, secured a zoning variance to modify a 1981 Urban Renewal Plan covering the site, which requires a grocery store on the property.

The developers signed a cooperation agreement and promised to set aside 25 percent of the project’s 165 apartments as affordable rentals. But the agreement only remains in effect until 2022. At that point, the property will revert to its underlying zoning, which allows for residential and commercial but does not require a grocery store or affordable units.

Macklowe is currently developing a 23-story mixed-use condo project in Greenwich Village at 110 University Place and a medical office building at 323 East 61st Street for Memorial Sloan-Kettering. [CO] — Rich Bockmann


Related Articles

arrow_forward_ios
Uptown ATX (Brandywine Realty Trust)
$24M metro station for $3B Texas development breaks ground
$24M metro station for $3B Texas development breaks ground
Grammy winner Pharrell Williams and David Grutman of Groot Hospitality (Getty Images, Groot Hospitality, TripAdvisor)
Pharrell, David Grutman teaming up on 400-key Bahamas resort
Pharrell, David Grutman teaming up on 400-key Bahamas resort
(iStock/Illustration by Steven Dilakian for The Real Deal)
Hochul plan for resi towers is tall order
Hochul plan for resi towers is tall order
From left: Joseph Riever and Christopher Marte (Elizabeth Street Garden, New York City Campaign Finance Board)
After 10-year saga, judge’s delay keeps senior housing unbuilt
After 10-year saga, judge’s delay keeps senior housing unbuilt
Thompson Austin at 506 San Jacinto Boulevard, Austin, Texas (Hyatt)
Don’t call it a comeback: Austin hotels rebound but building never slowed
Don’t call it a comeback: Austin hotels rebound but building never slowed
Park Slope Townhouses Top Brooklyn Luxury Contracts (Corcoran, Compass)
Park Slope townhouses top Brooklyn’s luxury contracts
Park Slope townhouses top Brooklyn’s luxury contracts
Donald Trump and Trump National Doral (Trump Hotels, Getty)
Trump planning retail, luxury homes in Doral resort expansion
Trump planning retail, luxury homes in Doral resort expansion
Lenox Grand 13505 Burnet Road, Austin, Texas (OHT Partners)
A 16-acre multifamily development headed to North Austin
A 16-acre multifamily development headed to North Austin
arrow_forward_ios

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

Loading...