Fort Greene rental that replaced a parking lot debuts 290 apartments

By Zoe Rosenberg, Curbed New York

A massive new rental building on the Fort Greene/Clinton Hill border is now offering up its 290 market-rate studios to two-bedrooms from $2,330. The 12-story building, which has 363 apartments in total, stands on a former surface parking lot at the corner of Fulton and Clermont streets and takes the address (and name) 475 Clermont.

The building’s 290 market-rate rentals range from studios to two-bedrooms with initial net leases starting at roughly $2,330 for studios, $2,805 for one-bedrooms, and $5,210 for two-bedrooms. Those leases are for 13 months, and include one month free rent. (Spread over 12 months, rents start closer to $2,524 for a studio, $3,038 for a one-bedroom, and $5,644 for a two-bedroom.)

Designed by Aufgang Architects, the roughly 300,000-square-foot building features a masonry and curved metal facade. Durukan Design handled the interiors, and created apartments with wide-plank oak flooring, kitchens with blackened steel hardware and farmhouse sinks, and bathrooms with Grohe and Toto fixtures. All of the building’s apartments feature a Bosch washer and dryer, and some come with private outdoor space.

Residents of the building will be greeted by a 24-hour attended lobby featuring a neon installation by artist Mr. Brainwash, and will (for an additional fee) have access to amenities like a gym with Peloton bikes, a yoga studio, a rooftop terrace with an outdoor movie screen and grilling stations, and a landscaped courtyard. The building also has private storage, bike parking, a garage, and 35,000-square-feet of retail space.

The development comes courtesy of RXR Realty, who purchased the lease on the site for $28.7 million from GFI Development back in 2016. Douglas Elliman Development Marketing is handling leasings in the building.

475 Clermont’s affordable housing lottery opened in October 2018, with studios priced from $913, one-bedrooms from $980, and two-bedrooms from $1,183.

Published: March 18, 2019
Filed Under: Redevelopment

The RXR platform manages 71 commercial real estate properties and investments with an aggregate gross asset value of approximately $20.5 billion, comprising approximately 31.4 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 2,500 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 June 30, 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.