NEW YORK | 570 Fulton St | FT | FLOORS


#1

Continuing the discussion from NEW YORK | Flatbush Ave Corridor (DoBro + BAM + PP):

Nonprofit eyes gain on its downtown B’klyn site

Having paid a half million dollars for the former Buddy Lee clothing factory on Fulton Street in 1985, SCO Family of Services is likely to sell it for more than $25 million.

BY JOE ANUTA
AUGUST 7, 2014 1:27 P.M.


Photo by Courtesy of TerraCRG

A three-story office building on the edge of downtown Brooklyn in Fort Greene is set to hit the market as a development site this week, paving the way for yet another towering addition to the district’s burgeoning skyline.

The seller of the property at 570 Fulton St. is SCO Family of Services, a nonprofit focused on foster care and education programs for children, families and people with special needs. It paid about $500,000 for the property in 1985. Today, with land prices in the downtown Brooklyn area standing at about $350 per buildable square foot, according to a number of real estate experts, the parcel could sell for well north of $25 million—especially if an inclusionary housing bonus is factored in.

[…]

The site could accommodate residential, commercial or a hotel development and if zoning bonuses are used, could be as big as 86,000 square feet. But Mr. Cohen noted the market is currently starved for condo product. He predicts that any such development on the site could fetch sales prices of about $1,300 per square foot.