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Hudson Companies Residential Development on Flatbush Ave. in PLG — Brooklynian

Hudson Companies Residential Development on Flatbush Ave. in PLG

A friend just forwarded this press release to me:

"Hudson Companies Closes on Residential ‘Game Changer’ for Prospect Lefferts Gardens, Brooklyn

Hudson Companies has closed on a development site at 626 Flatbush Avenue in the Prospect Lefferts Gardens section of Brooklyn, where the developer plans to build a 23-story, 254-unit rental building one block east of Prospect Park, The Commercial Observer has learned.

(Credit: Flickriver, wallyg)

Ariel Property Advisors arranged the $11 million sale of the development site, which the buyer entered into contract on last year, and brokers who arranged the sale are calling it a “game changer” for the neighborhood.

“Prospect Lefferts Gardens is one of the lesser-developed areas that has the most potential because there is a subway is right there, the architecture is beautiful, and access to the park is easy,” Jonathan Berman of Ariel Property Advisors, who exclusively represented the buyer and seller with Shimon Shkury, Michael Tortorici, and Victor Sozio, told The Commercial Observer.

The property features 100 feet of frontage on Flatbush Avenue and a roughly 52,265-square-foot rear parking lot. It is located near the Prospect Park Zoo, Brooklyn Botanic Garden, and two blocks from the B, Q and S subway lines. Hudson Companies has agreed to set aside 20 percent of the units for affordable housing.

“There are so many things going in this neighborhood that the time is right for development,” Mr. Berman said. “Prices in the area for development sites are going up and larger developments are being picked up by developers.”

The deal had to overcome several major hurdles before closing, including resolving an easement issue and relocating several commercial tenants, one of which has already moved, and two others that will relocate in the coming weeks.

In response to demand in underdeveloped areas of Brooklyn, Ariel Property Advisors is expanding its Brooklyn operation and has added additional brokers to its sales team.

“Exciting things are happening in Brooklyn, as rental and condo values are quickly catching up with Manhattan,” said Shimon Shkury, president of the firm, in a statement".

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Comments

  • Boom.

    Together with the development surrounding the King's theater, this should change the business mix above Dorchester Ave.....

  • The developers announcement is being picked up by Brownstoner and lots of other places.

    Signs all point to a huge, market rate development

    http://www.brownstoner.com/blog/2013/06/hudson-properties-flatbush-development-is-a-go/#disqus_thread

  • Twenty percent of the apartments allegedly will be set aside as "affordable". I'll believe it when I see it.

  • ^Indeed^

    Even if we assume that 20% (51) of the units meet whatever definition of affordable they end up with (80% AMI?), these folks will be carefully screened.

    Hence, we are looking at 203 (254 * .8) new, nicely appointed units that will likely house people who presently live above area's median income. The local businesses will respond by changing their products and services.

    ...and some units on lower floors, with less nice finishes for those who were lucky enough to win a lottery. These folks will influence the businesses to a lesser degree.

  • When they get built, you'll see the affordable apartments here:

    http://www.nyc.gov/html/hpd/html/apartment/lotteries.shtml

    Some are reasonable (like the $1000 2 bedroom in Wililamsburg for those making ~$40k, though in very tight bands), some are hilarious (like the $2400 2 bedroom in Bed-Stuy for those making $84-$134k).

  • "As of right" might not actually be that if the Housing Finance Agency really failed to follow its own procedures.

  • I doubt those against the development can make that the developer's problem, but it should be fun to watch.

  • And, we are off and running!

    A group is stating this luxury tower should not be allowed in the area, until other concerns are addressed.

    Like "Equality"

    http://equalityforflatbush.tumblr.com/post/70496070577/brenda-edwards-resident-of-chester-court-who-is

  • I know nothing about his "Equality for Flatbush" organization, but the stated goals of the Prospect Park East Network, which organized the pictured press conference, are to modify this project, rather than to stop development. I was there and I'm absolutely certain about this.

  • That is certainly a more quantifiable goal.

    Needless to say, the apartments on the higher floors are the most valuable, and the reason that the developer will fight for their ability to build as per the zoning code, not community preferences.

    REBNY would be crazy to let a community group diminish the profitability of a site anywhere in the city, and DeBlasio probably won't show his intentions this early in his term.

  • I'm sad to say you're very likely right, but we can hope.

  • My favorite is when the residents of tall buildings that were opposed "by the community", join the fight against subsequent tall buildings because they don't want THIER views blocked.

    The bright side is once this building is built, "the community" will have even more people opposed to the next one.

    Redux.

  • Nevertheless, IF this building gets built to the full planned height it will strengthen the push for contextual zoning, similar to what already exists in the neighborhoods on all other sides of Prospect Park, which will prevent other towers like this one.

  • As more tall buildings are built, they become the context, as opposed to the walk ups built pre-1929.

    The present zoning code allows for the city to grow in terms of people, height, and tax receipts.

    The new building will blend in with Tivoli towers, built in 1974, and (like it) will eventually be featured on the Brooklyn Historical Society site: http://brooklynhistory.org/blog/2010/02/05/tivoli-towers-in-crown-heights/

    http://www.emporis.com/building/tivolitowers-newyorkcity-ny-usa

  • Tivoli Towers is much to far away [about 3/4 mile] to "blend" with this building. In any case, contextual zoning for PLG wouldn't reduce population density, since it would allow shorter buildings with a larger base. Allowable FAR would be about the same

  • Whenever a new tall building is built on a busy strip of low rise buildings, it could be considered "out of context".

    Some like the new buildings, others don't.

    In part, we have regulations and laws so developers don't have to comply with the whims of the public.

    If HFA broke one of those regulations, I wish those who wish to "modify" this project luck. If they merely wish to try to spot zone this parcel to suit their whim of a quaint neighborhood of people they believe to be like themselves, I hope the experience is very expensive, tedious, time consuming and results in defeat.

  • "If they merely wish to try to spot zone this parcel "

    Huh?

    To the best of my knowledge no one has ever suggested anything like that, but, by all means, keep setting up straw men if that's what you enjoy :-)

  • Look out! Allowing high rises in PLG might mean it ends up like Prospect Park West.

  • That would be unfortunate; many people move here to get away from Park Slope.

  • Many people moved to Park Slope to get away from Manhattan. I am sensing a pattern.

    Why should PLG have the ability to decide what kinds of development it wants, when other communities are subject to the existing zoning (ie don't have such options)?

    Or, should we just allow every community to interpret the zoning code (ie spot zone thru the courts, rather than the established processes)?

  • AFAIK those PLG residents seeking re-zoning merely want zoning similar to what already exists in every other neighborhood surrounding Prospect Park.

  • They seem to want new zoning before this building is built. ...despite the process established to get an area rezoned.

    psst, this process doesn't involve suing the HFA.

  • Entirely separate processes, one short, the other long-term. One doesn't preclude the other.

  • One precludes the other if you want the court to take you seriously.

    ...unless you are proposing that the "pro-contextual" residents of PLG should be able to get to write an EIS that carries more weight than the zoning code.

    For some reason I think that practice would be a lot like spot zoning, and create chaos in the real estate market.

    Don't you?

  • No, not at all; we'll just have to disagree.

  • I should add that while many of my neighbors are adamantly opposed to a building this high and I do agree that it would be desirable for the height to be reduced, I am personally much more concerned with contextual zoning, as a long-term issue.

  • Most of Brooklyn's major avenues are zoned to allow for tall buildings: 4th Avenue, Eastern Parkway, Prospect Park West, Atlantic Avenue, Flatbush Avenue.

    When the first modern, tall buildings are/were built along these avenues, they looked out of context.

    Now, they are simply part of Brooklyn.

    On these avenues, context isn't a long term issue, it is an always changing issue.

  • True, but the buildings on 4th Avenue and [with the sad exception of the Richard Meier monstrosity] Eastern Parkway aren't visible from Prospect Park. Also, unlike 4th Avenue, most tall buildings on Eastern Parkway were built a generation or two before there was much concern with architectural context.