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.
The RXR platform manages 68 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.8 billion, comprising approximately 30.4 million square feet of commercial properties, inclusive of approximately 6.0 million square feet of buildings securing debt and preferred equity investments, a multi-family residential portfolio of approximately 2,600 units under operation or development, and control of development rights for an additional approximately 3,700 multi-family and for sale units in the New York Metropolitan area as of March 31, 2019. Gross asset value 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.