In June, the New York Post’s Lois Weiss reported that a prime piece of land in downtown Brooklyn, at 1 Flatbush Avenue, where Brooklyn’s main street meets Fulton Street, had gone into contract to a team looking to redevelop it.
Now, YIMBY’s spotted the new building permit filing. It calls for a 19-story, 210-foot residential building of 160,000 square feet of total construction area, with a substantial retail component. The building would contain a bit more than 123,000 square feet of net residential space divided over 157 apartments, for a very rental-sized unit average of under 800 square feet. The developers will set aside 20 percent of its units as below-market housing in exchange for a slight density boost and tax breaks, as part of the city’s inclusionary housing program..
The nearly 20,000-square foot retail space would be divided across the first two floors. The development would sit on a triangular lot at the confluence of two major Brooklyn arteries, across the five-way intersection from where Fulton Street transitions from a car-choked thoroughfare to the Fulton Mall, reserved for buses and pedestrians and packed with shoppers patronizing the relatively downmarket shops on the strip.
The two lots are currently home to a bustling retail podium, with tenants like Golden Krust, Five Guys and H&R Block. The new building would sit right in front of 66 Rockwell Place, developed by Grosvenor Investment Management and the Dermot Company, and add some variation to the skyline in the form of a lower structure.
Goldstein Hill & West Architects filed for the new building permit. Slate Property Group is listed as the owner on the application, however the Post reported that Capstone Equities and the Carlyle Group bought the land.