Developer Moves Forward with New Condo/Hotel in Downtown Brooklyn

Flank Development and The Carlyle Group are behind a major mixed-use structure in Downtown Brooklyn, where excavation is beginning. The partners are preparing to build a new 407,000 square-foot condominium & hotel project at 140 Schermerhorn Street in Boerum Hill.

The site, also known as 71 Smith Street, is currently a parking lot. The building will have 99,500 square feet of retail, 213,300 square feet of residential space and 94,200 square feet of community space, so there’s something for everyone.

The 19-story development designed by Goldstein Hill & West Architects will have a mix of hotel, retail, residential, and community space, though the bulk of the building will be dedicated to apartments. There will also be enclosed parking, a gym, bike storage and a restaurant.

Nearly 100,000 square feet will be dedicated to ground floor retail and a community space. A hotel spanning floors three through six will give way to 140 luxury apartments, which will occupy the upper levels. The building will measure 210 feet to the highest occupied floor.

Partners Carlyle Group and Flank Development bought the 315,000-square-foot property in 2012 for around $40 million. Flank will be the lead builder in the project.

The parking lot currently occupying the space is now being excavated, with the entire project set for completion in 2016.

Flank has developed several eye-catching residential and commercial buildings in the city in recent years, including the residential condos 441 East 57th Street and 385 West 12th Street, as well as the large commercial property at 520 West 27th Street in Chelsea.

140 Schermerhorn will add significant heft to the neighborhood, and its variety of uses will be beneficial to the area and will be a major gain for Downtown Brooklyn, in terms of enhancing pedestrian traffic.

Schermerhorn Street has seen a slew of residential developments recently, including a 52-story tower the Steiner Brothers are building at 333 Schermerhorn.


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