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Deals & Dealmakers

Arker Companies to build 200-unit residential tower in East New York

Arker Companies has filed plans to build a 200-unit residential tower at the Fountains mixed-use complex in East New York.

The building, located 10 Schroeder’s Walk, will sit in a newly-created area of Brooklyn. Schroeder’s Walk is a one-acre open space that was established earlier this year as part of the 1.2 million s/f Fountains development at 888 Fountain Avenue. The privately-owned space is meant to be a pedestrian extension of Schroeder’s Avenue.

According to a May announcement from Governor Andrew Cuomo, the 6.7-acre Fountains site, which used to contain a care facility for autism patients called the Brooklyn Developmental Center, will be redeveloped into an eight-building complex with retail and commercial spaces. Authorities plan to have 1,169 apartments at the state-owned site. Arker earlier filed plans for 881 Erskine Street and 702 Vandalia Avenue, two affordable housing towers at the complex with a total of 209 units.

According to a permit application filed with the Department of Buildings, Arker plans to build a seven-story tower on a 233-foot wide lot in the complex. If approved as proposed, the building will be 75 feet tall. Plans also call for 165,799 s/f at the site, with 154,637 s/f for residential and 11,162 s/f for a community facility.  Amenities in the building include an outdoor recreation area on the second floor and a laundry room on the third, fourth and fifth floors. It will also have commercial space on the ground floor and a senior support service area on the second floor. Aufgang Architects is the architect of record for the project.

Arker purchased the decommissioned site through Empire State Development. The firm paid $10 million for the property. Rents for the three apartment buildings in the Fountains site range from $328 to $913 for a studio and a $582 to $1,292 for a three-bedroom.

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