By Tanay Warerkar, Curbed New York
A massive new rental building is set to rise on a former parking lot in Fort Greene, courtesy of RXR Realty, probably best known for their Pier 57 redevelopment project. The 12-story building will also mark the developer’s first residential project, Crain’s reports.
Located at 810 Fulton Street, the building will include 363 apartments, about 20 percent of which will be affordable. The project came about after RXR purchased the lease on the property from development firm GFI Development for $28.7 million. The latter had already broken ground at the site, and had acquired the requisite air rights from the adjacent property for the construction of the rental tower.
GFI however decided that they wanted to focus on other projects like the 51-story condo, The Beekman, in the Financial District. RXR has now decided to move forward with GFI’s original plan, including retaining the design of architecture firm Aufgang Architects.
The 328,000-square foot project will be built at a cost of $200 million, and will also include 33,000 square feet of ground-floor retail. Construction is expected to get underway this fall with completion slated for the end of 2018 or early 2019.
Published: August 11, 2016
Filed Under: Acquisition
The RXR platform manages 74 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.7 billion, comprising approximately 23.7 million square feet of commercial operating properties and approximately 6,000 multi-family and for sale units in various stages of development in the New York Metropolitan area as of September 30, 2017, adjusted for transactions through October 18, 2017. Gross asset value is compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.