RXR Realty — a firm known for expanding large office properties in the city — has purchased the leasehold at 810 Fulton Street for $28.7 million in Fort Greene, from GFI Development, Crain’s reported.
We reported in 2014, the previous developer’s plan — GFI Development — to construct a 12-story 363-unit mixed-use building, complete with commercial space, a 163-car parking garage, gym, children’s area, and lounge.
Now, developers from RXR are taking over the project as the city has approved an air rights transfer that allows the rental apartment building to expand from seven stories to 12. Construction will start in the fall and developers expect to complete the project by late 2018 or early 2019.
Aufgang Architects began designing the 328,000-square-foot building last year to qualify the project for 421-a property tax breaks, but the program expired at the beginning of the year, Crain’s reported.
RXR said it respects GFI’s pledge for affordable housing, and the building will cost about $200 million to construct. GFI will remain as construction manager throughout the process, developers say.
RXR developers believe 810 Fulton St. would attract renters from three residential neighborhoods, Fort Greene, Clinton Hill, and Downtown Brooklyn.
Seth Pinsky, an executive vice president at RXR, said it made sense for the firm to construct in an area where residential and commercial office properties are in proximity.
“We’re creating living space for just the kind of workforce that local companies want,” Pinsky told Crain’s. “And conversely, the office space provides jobs that will be just a short walk away from the living space.”