NEW YORK | 60 Flatbush - Goose Property (Monitor - 188k Sqft potential)

chris08876 · #1 Posted **Aug 30, 2022, 1:36 PM**

Something to monitor. Big ROI potential, given the location and its surroundings. Small footprint too.

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Goose Property Management Takes Brooklyn Development Site for $25M

Quote:

Goose Property Management has flown the coop, with a $25 million deal for a Downtown Brooklyn development site in hand (or under wing).

The Brooklyn-based property manager plans to demolish two mixed-use buildings at 358-376 Livingston Street and 60 Flatbush Avenue, property it nabbed for $25 million on Friday from an entity tied to Samuel Jemal’s Jemstone Group, Commercial Observer has learned.

The nine retail stores and 22 apartments, which Midtown-based Jemstone first bought in 1979, are a golden goose for their new landlord. Goose Property can construct a building as large as 188,000 square feet in the properties’ place, according to JLL’s Stephen Palmese, who brokered the sale with Brendan Maddigan, Michael Mazzara, Winfield Clifford, Ethan Stanton and Patrick Madigan.

“As the city continues to nurture this innovation economy, this site presents a powerful opportunity to support commercial or residential development,” Palmese said in a statement.

It was not immediately clear what Goose Property would build on the site at the corner of Flatbush and Lafayette avenues, but the developer was quite the early bird, filing permits to tear down the existing buildings nearly two weeks before the sale closed, according to New York City Department of Buildings records. Goose Property did not immediately respond to a request for comment.

The deal widens Goose Property’s wingspan in Brooklyn, where it owns apartment buildings across Greenpoint, Bushwick and Williamsburg as well as two in Long Island City, Queens. The landlord recently snagged $86.7 million in financing to build a 166-unit multifamily development at a former Key Food site in Williamsburg, CO reported.

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https://commercialobserver.com/2022/...ment-site-25m/

Busy Bee · #2 Posted **Aug 30, 2022, 2:01 PM**

This better not be replaced with some one story podium and setback tower bullshit.

Crawford · #3 Posted **Aug 30, 2022, 2:26 PM**

Good news. Another tall residential spire for downtown BK.

Gantz · #4 Posted **Aug 30, 2022, 2:58 PM**

Quote:

Originally Posted by Crawford

Good news. Another tall residential spire for downtown BK.

Spire? I think this is going to be just another 80/20 apartment building. I hope I am wrong though. What gives me hope is the relatively small footprint.

chris08876 · #5 Posted **Aug 30, 2022, 3:25 PM**

It depends on how they maximize the 188k sq-ft. This could yield in theory something 350-400 ft but this will greatly depend on how its designed along with say ceiling heights.

60 Flatbush being 6,100 sq ft, with the remainder at 358-376 Livingston Street being 34,347 sq ft.

Set backs can further add to the potential, at least with respect to height. Design can make the 188k sq-ft really balloon upwards.

I think given the location, something nice to rise (Considering its surroundings as well).

I'd almost be in favor of a zoning modification request or alteration to make something like this really capitalize on the location "Flatbush".

Busy Bee · #6 Posted **Aug 30, 2022, 5:15 PM**

The base for The Hub on Livingston is absolitely soul killing. Better not br getting more of that.