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New York

Chetrit, JDS to redevelop Brooklyn site after $44M buy

Building with up to 174K square feet could replace office property on Flatbush Avenue Extension

From left: Joseph Chetrit, Michael Stern and 340 Flatbush Avenue Ext.
From left: Joseph Chetrit, Michael Stern and 340 Flatbush Avenue Ext.

JDS Development and the Chetrit Group jointly acquired an office building in Downtown Brooklyn with plans to tear it down and demolish it.

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The developers paid $43.5 million for the site at 340-366 Flatbush Avenue Extension. The site, located roughly one block from the City Point project, can hold up to 174,000 square feet as right – either rentals or condominiums.

The Chetrit Group is working to convert the Cabrini Medical Center on East 19th Street at Second Avenue to residential use and building a mixed-use hotel and apartment building in Williamsburg. JDS is developing a nearly 800-unit rental building at 626 First Avenue — and several other projects, including the Walker Tower — with Property Markets Group. [NYDN] — Mark Maurer

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Chetrit GroupJDS Development Group