In July, Adam America Real Estate and Slate Property Group were in contract to acquire the development assemblage at 8-16 Nevins Street, in Downtown Brooklyn, and now the team has closed on the purchase, according to Crain’s. The developers paid $47.75 million for the site, and Vanke, a Chinese developer, is partnering to build a 33-story, 150-unit residential building. The tower will total 180,000 square feet, and retail space is also likely planned. Construction is expected to begin early next year, although multiple low-rise buildings must first be demolished.
Before the sites were combined, Bushburg Properties proposed to build a 25-story, 136-unit residential tower at the Nevins Street site, and a 17-story, 37-unit residential building had been filed at the Livingston Street property.