Development Site w/ 75′ of Frontage — 75,560 BSF
215 Schermerhorn Street
Closed 08/30/2016 at
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TerraCRG has been retained to exclusively represent ownership in the sale of the development site at 211-215 Schermerhorn Stret in Downtown Brooklyn.
The property is located between Hoyt Street and Bond Street with 75 feet of frontage on Schermerhorn Street. The zoning allows for either ~75,560 BSF as of right for a residential, retail, hotel, office or mixed-use, or up to ~90,672 BSF for an inclusionary multifamily development. The site is fully demolished.
In the immediate vicinity, 14,000 residential units, large scale retail and several hotels are in different stages of the development pipeline. Right next door, Rose Associations and Benenson Capital are developming a 349-unit rental project. A block away, the plans are being approved for a 169-room Ace Hotel, the first in Brooklyn. The 600,000 SF mixed-use TF Cornerstone project is right around the block. The Flank Design/Carlyle condo project, The Boerum at 265 State, is two blocks away and is setting record pricing for the area, averaging over $1,500/SF.
Downtown Brooklyn is the third largest business district in New York City (following Midtown Manhattan and Lower Manhattan), and is located in the northwestern section of the borough of Brooklyn.