Slate Property Group and Meadow Partners have closed on the $59 million purchase of a development site at 1 Flatbush Avenue in Brooklyn, paying nearly $500 per square foot — a record deal for a Downtown Brooklyn development site.
The sellers, Capstone Equities and the Carlyle Group, purchased the two-story building as part of a $35 million deal a year ago, according to the New York Post. They have since relocated the tenants, providing vacant possession at the 120,000-square-foot site.
The deal was done at $491 per square foot, with retail — rents could creep up to $300 per square foot, sources said — being a big driver.
In October, Slate filed plans for a 19-story, 160,000-square-foot apartment building at the site, which will have retail at the base.
A Savills Studley team led by Woody Heller, Will Silverman and Eric Negrin represented Capstone and Carlyle. [NYP] – Rey Mashayekhi