NEW YORK | 626 Flatbush Avenue | 236 FT | 23 FLOORS

[NYguy]

http://therealdeal.com/blog/2013/02/...prospect-park/

Hudson Companies plans 254-unit residential tower near Prospect Park
Developer has not yet closed on Flatbush Avenue site





February 07, 2013
By Katherine Clarke

Hudson Companies, the development firm behind the Riverwalk neighborhood in Roosevelt Island, is keeping a hand in the game in Brooklyn. The company, which previously developed projects such as Third + Bond and the J Condominium at 100 Jay Street, has filed plans to build a 254-unit mixed-use building at 626 Flatbush Avenue in Prospect Lefferts Gardens, according to Department of Buildings records.

Hudson submitted plans for the 23-story tower to the city agency earlier this month but has not yet received any official permits. The architect of the project is listed in records as Jonathan Marvel of Rogers Marvel Architects, the same firm behind the controversial design of a 159-unit housing complex and 200-room hotel on Pier 1 at Brooklyn Bridge Park.

The company signed a contract of sale for the Flatbush Avenue development site in March 2012, according to public records, but has not yet closed on the site. The property, which was marketed by Ariel Property Advisors and is located between Parkside Avenue and Lincoln Road, is an L-shaped lot. The listing price was not available.

The site’s current owner, William Cordero, fell upon hard times financially at the site, filing for Chapter 11 bankruptcy protection early last year, court records show. Cordero listed his sole asset as the 30,000-square-foot, five-unit commercial building on the Flatbush site. The creditor with the largest secured claim against the property was AIA Capital, which was reportedly owed $6 million.

While it appears that Cordero has now exited bankruptcy, Hudson may have to wait for bankruptcy court approval before it’s permitted to close on the site.

Ariel Property Advisors declined to comment on when the deal for the property would close. Hudson Companies did not respond to requests for comment. A phone number for Rogers Marvel did not appear to be in use.