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Deals & Dealmakers

The Garnet at 1620 Fulton Street in Bedford-Stuyvestant, Brooklyn 100% Leased — Residential and Retail

 The Garnet, an elegant 11 story,103-unit modern housing complex in Bedford-Stuyvesant, Brooklyn, has reached 100-percent occupancy, as well as signed Theradynamics as the retail tenant. It will be the first Brooklyn location for the popular rehabilitation facility.

The mixed middle-income building was developed by BFC Partners with SMJ Development, and designed by Shakespeare Gordon Vlado Architects PLLC. Comprised of studios, one-bedrooms, and two-bedrooms, the apartments were priced between 50 to 150 percent of the area’s median income, beginning at $667 per month.

“The Garnet makes a dent in the deep need for affordable housing in New York City, and we are proud to deliver these high-quality homes to New Yorkers,” said Joseph Ferrara, Principal, BFC Partners.

The cutting-edge apartments were meticulously designed to exceed the expectations of its residents with state-of-the-art technology. Each unit includes stainless steel appliances, dishwasher, microwave, sound resistant flooring, and video intercoms. The Garnet includes a children’s indoor play area, fitness room, storage room, bike storage room, landscaped outdoor terrace and a washer and dryer located on every floor. The building is located one block from Fulton Park and one-and-a-half blocks from the A and C trains at the Utica Avenue station.

Theradynamics Rehab Management, LLC, a rehabilitation company that provides cutting-edge technology for physical therapy, occupational therapy, speech therapy, and sports rehab, recently signed on as the commercial tenant, taking 7,566 square feet on the ground floor and 2,277 square feet in the basement.

Newmark’s Associate Director Aric Trakhtenberg, Senior Managing Director Marc Frankel and Vice Chairman Jeffrey Roseman, represented the landlord on the transaction.

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