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Old Posted Apr 8, 2015, 7:26 PM
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chris08876 chris08876 is offline
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
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Slate, Meadow pay record psf price for 1 Flatbush

Quote:
Slate Property Group and Meadow Partners have closed on the $59 million purchase of a development site at 1 Flatbush Avenue in Brooklyn, paying nearly $500 per square foot- a record deal for a Downtown Brookyln development site.

The sellers, Capstone Equities and the Carlyle Group, purchased the two-story building as part of a $35 million deal a year ago, according to the New York Post. They have since relocated the tenants, providing vacant possession at the 120,000-square-foot site.

The deal was done at $491 per square foot, with retail — rents could creep up to $300 per square foot, sources said — being a big driver.
In October, Slate filed plans for a 19-story, 160,000-square-foot apartment building at the site, which will have retail at the base.

A Savills Studley team led by Woody Heller, Will Silverman and Eric Negrin represented Capstone and Carlyle.
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http://therealdeal.com/blog/2015/04/...or-1-flatbush/