TF Cornerstone has paid $70 million for an acre-plus site in Brooklyn in what is the largest development deal in Brooklyn since 2003.
The site consists of more than an acre of land at 49,942 s/f and offers one of the most flexible zoning designations available in New York City.
Located within a C6-4 zone, it carries an R10 residential designation, allowing for the availability of 10.0 FAR for commercial, residential, or community facility use.
This would allow for an as-of-right building of about 500,000 square feet with the ability to grow the site to about 600,000 s/f through the use of inclusionary house bonuses.
The site can potentially be home to a massive mixed-use development project that incorporates significant amounts of retail and residential space.
The R10 zoning district is unique in that it provides the developer with access to the Inclusionary Housing Program, potentially adding 20% more residential square footage to a mixed-use or entirely residential project.
“The sale of this site is a great shot in the arm for Brooklyn’s downtown market, which is one of the most transformative neighborhoods in the city presently,” said Massey Knakal chairman Bob Knakal, who exclusively handled the transaction with senior executive vice president Stephen Palmese.