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Eidolon Nov 12, 2012 2:54 PM

NEW YORK | 265 State Street | 210 FT | 19 FLOORS

Downtown Brooklyn building site fetches $40M
By Daniel Geiger @dangeiger79
November 6, 2012

A partnership of the Carlyle Group and Flank Development is buying a downtown Brooklyn development site for around $40 million, according to a source with knowledge of the deal.

The property is zoned for a building of slightly over 310,000 square feet of space on the site, a roughly 30,000 square foot vacant parcel at 71 Smith St., a block away from Atlantic Avenue.

According to the source, Carlyle and Flank will build nearly 210,000 square feet of residential condos and a 105,000-square-foot hotel.

In order to achieve the maximum zoning for the site, 105,000 square feet of the development has to be dedicated to commercial use, whether it be a hotel or other some other facility within the same zoning, such as office or education space.

"The pricing for the residential space was implied. Where the differences came in was how bidders valued the commercial space and what they would do with it," the source said.

Flank will be the lead builder in the project, the source said. Flank has developed several eye-catching residential and commercial buildings in the city in recent years, including the residential condos 441 E. 57th St. and 385 W. 12th St. and the commercial building at 520 W.27th St.

A team from the real estate services firm Cushman & Wakefield Inc. led by investment sales executives Nat Rockett and Helen Hwang and also Ellen Israel of JRT Realty Group handled the sale on behalf of the owner of the site, a partnership between Time Equities and Hamlin Ventures.

The deal comes as Francis Greenburger, the chief executive of Time Equities, has been at work raising capital for a large residential condominium and hotel tower of his own at 50 West St. in lower Manhattan. For that project, which could be 65-stories tall, Mr. Greenburger has hired Cushman & Wakefield's structured real estate finance expert Steve Kohn to put together up to $300 million of equity for 50 West Street, which written reports have indicated could cost as much as $600 million to build.

NYguy Nov 12, 2012 9:56 PM

Older pic, but I've marked the latest two development sites with an X. This one is on the left.

Swede Nov 13, 2012 8:29 AM

time to call in sbarn to make a DT BK 2020 render? :)

NYguy Nov 19, 2012 6:58 PM


Originally Posted by Swede (Post 5899695)
time to call in sbarn to make a DT BK 2020 render? :)

That would be cool. There are many developments missing from that photo, which really isn't that old, including the CityPoint complex (empty lot on the right next to Flatbush Avenue).

NYguy Nov 27, 2012 2:45 PM

A more updated aerial...

Sacker Foto

NYguy Jan 21, 2014 2:11 AM

Received final permits last month for a 19-story building...(140 SCHERMERHORN)

More intel on Flank’s new condo-hotel at 140 Schermerhorn in Downtown Brooklyn

July 11, 2013


Developer Flank is moving along with plans for a new condo-hotel at 140 Schermerhorn Street in Downtown Brooklyn.

The 19-story, 120-unit project will be designed by Goldstein, Hill & West Architects, according to this permit filed June 5th. The site, also known as 71 Smith Street, is currently a parking lot. The building will have 99,245 square feet of retail, 213,181 square feet of residential space and 94,202 square feet of community space, so there’s something for everyone.

Hotel rooms will be on the third through sixth floors, and apartments will start on the seventh floor, according to this Schedule A filing. There will also be enclosed parking, a gym, bike storage and a restaurant.

From the diagram, it will be a blocky building, slightly higher than the 210 ft given.

Hypothalamus Feb 24, 2014 7:21 PM

New York YIMBY:

Revealed: 140 Schermerhorn Street


An on-site rendering has been posted for 140 Schermerhorn Street, a major mixed-use structure in Downtown Brooklyn, where excavation is beginning. While the glimpse isn’t exactly comprehensive, it still provides a general idea of the building’s ultimate appearance. The architect of record is Goldstein Hill & West, while Crain’s reports that Flank Development and The Carlyle Group are behind the project.

Permits – which were approved on the 18th — indicate the development will stand 19 stories; it will have a mix of hotel, retail, residential, and community space, though the bulk of the building will be dedicated to apartments, with 140 units in total. 140 Schermerhorn Street will measure 210 feet to the highest occupied floor.

Breaking down the components by square footage, 213,181 square feet will be devoted to the residences, 99,245 square feet will be dedicated to commercial usage, and 94,202 square feet will be occupied by the community facilities. The entirety of the development will measure 406,628 square feet, with an overall FAR of 10.54. Ground floor retail will yield to a hotel that will span floors three through six, while apartments will occupy the upper levels, per the Schedule A.

Despite its relatively basic appearance, 140 Schermerhorn will add significant heft to the neighborhood, and its variety of uses will be beneficial to the vicinity. The rendering indicates that the project should also conform to the existing street-walls; while the exact details of the overall design remain unclear, it will be a major gain for Downtown Brooklyn, in terms of enhancing pedestrian vibrancy. Completion is expected in the spring of 2016.
140 Schermerhorn Street — equipment on-site

Hypothalamus May 8, 2014 6:45 PM

Brooklyn Daily Eagle:

Condo-Hotel Construction Going Strong at 140 Schermerhorn St.

By Lore Croghan
May 7, 2014 - 12:45pm
Construction crews are busy, busy, busy at 140 Schermerhorn St. Photo by Lore Croghan
Photo by Lore Croghan
Photo by Lore Croghan
This rendering is posted on the fence at 140 Schermerhorn St. Photo by Lore Croghan

Hypothalamus Jul 22, 2015 6:10 PM

NEW YORK | 265 State Street | 210 FT | 19 FLOORS

Should be moved to U/C



Construction Update: The Boerum, 265 State Street

7:30 AM ON JULY 21, 2015

chris08876 Oct 28, 2015 2:56 PM
Credit: Tectonic

chris08876 Jun 26, 2016 3:36 AM

Floor Plans and pricing: :tup:

chris08876 Jan 14, 2018 3:53 PM


Also, completely sold out. Inquire for a unit and you get this message.

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