View Single Post
Old Posted Apr 10, 2013, 6:17 PM
NYguy's Avatar
NYguy NYguy is offline
New Yorker for life
Join Date: Jul 2001
Location: Borough of Jersey
Posts: 40,150

Developer pays $75M for downtown Brooklyn site
The property could accommodate a residential tower of as much as 600,000 square feet,
in an area that has seen a huge boom in high-rise residential construction in the last few years.

By Daniel Geiger
April 9, 2013

Developer TF Cornerstone has purchased a large parking garage and retail property in downtown Brooklyn from Thor Equities, paying roughly $75 million.

The site, at 300 Livington Street, can accommodate up to 600,000 square feet of residential development in a neighborhood that has experienced a huge boom in high-rise residential construction in the last few years.

The property currently has a 230,000-square-foot parking garage with ground floor retail space.

The deal is one of several development parcels to trade hands in recent months, as builders have become eager to get in the ground again with residential projects to meet rising demand and prices.

TF Cornerstone has been an active residential developer and is in the process of constructing a large complex of rental buildings in Hunters Point, Queens.

Robert Knakal, chairman of the brokerage company Massey Knakal Realty Services, handled the sale of the downtown Brooklyn property.
NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.