August 11, 2016
RXR Realty, which owns large office buildings throughout New York City, has closed a deal to develop its first multifamily structure. The target site, a leasehold of a parking lot that the office landlord purchased for $28.7 million, is at 810 Fulton St. in Brooklyn. The builder has plans to develop a 10-story, 363-unit apartment building, and approximately 33,000 square feet of ground-floor retail space.
GFI Development was the seller and previous leasehold owner, and already obtained city approval for development air rights from neighboring building, 470 Vanderbilt Ave. In exchange for the air rights, GFI agreed to reserve 20% of the units for affordable housing. RXR is taking over GFI’s plans, with development anticipated to get underway in fall. The project will reportedly cost approximately $200 million to develop.
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