Tuesday, October 15, 2013

Tall New Development Planned Near Prospect Park

Hudson Companies, the development firm behind the Riverwalk neighborhood on Roosevelt Island, is planning to build two big residential towers at 626 Flatbush near Prospect Park. The 23-story project, designed by Marvel Architects, will include 254 rental units along with a shorter building for retail and rooftop green space. The developer is also seeking LEED Gold certification. New building permits and a demolition permit for the existing building on the site were approved a few days ago. Marvel’s other projects in Brooklyn include the Pierhouse and One Hotel at Brooklyn Bridge Park, St. Ann’s Warehouse Theater, the renovated McCarren Pool, and 9 Townhouses and 14 Townhouses on State Street in Boerum Hill.

The property between Parkside Avenue and Lincoln Road is located one block east of Prospect Park, on an L-shaped lot adjacent the Q train tracks.

Preparations are now underway for demolition of the 30,000-square-foot, five-unit commercial building presently on the Flatbush site.

The property features 100 feet of frontage on Flatbush Avenue and a roughly 53,000-square-foot rear parking lot.

It is located near the Prospect Park Zoo, Brooklyn Botanic Garden, and just two blocks from the B, Q and S subway lines. Hudson Companies has agreed to set aside 20 percent of the units for affordable housing.

“There are so many things going in this neighborhood that the time is right for development,” said the developer.

“Prices in the area for development sites are going up and larger developments are being picked up by developers.”

The deal had to overcome several major hurdles before closing, including resolving an easement issue and relocating several commercial tenants, one of which has already moved, and two others that will relocate in the coming weeks.

“Exciting things are happening in Brooklyn, as rental and condo values are quickly catching up with Manhattan,” said Shimon Shkury, president of the firm, in a statement.

“Prospect Lefferts Gardens is one of the lesser-developed areas that have the most potential because there is a subway is right there, the architecture is beautiful, and access to the park is easy.”

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