Search
 

Two Trees to Build $90M Downtown Brooklyn Complex

NEW YORK CITY-Brooklyn real estate firm Two Trees Management has been selected by the EDC to build a 500,000-sf mixed-use facility on the border of Brooklyn Heights and Cobble Hill. The project will combine residential, retail and parking components with a 40,000-sf YMCA.

By Glen Thompson | Updated on March 25, 2002

NEW YORK CITY-Local developer Two Trees Management has won the city bid to build a 500,000-sf mixed-use project in Downtown Brooklyn. The complex will be situated on a 47,000-sf city-owned parcel on the border of Brooklyn Heights and Cobble Hill and includes residential, retail community and parking components.

The site, a parking garage located at 233 Atlantic Ave. on the corner of Court and State streets, is located near the downtown shopping and office districts, the courts complex and the residential districts of Brooklyn Heights, Cobble Hill and Boerum Hill. Plans call for roughly 240 residential units, 540 below-grade parking spaces, 20,000 sf of retail space and a 40,000 sf facility for the YMCA of greater New York.

According to the New York City Economic Development Corp., which awarded the bid to DUMBO (Down Under the Manhattan Bridge)-based Two Trees, the $90-million project will create more than 700 construction and 130 permanent jobs for the area. The city expects to gain roughly $54 million in revenue from the property.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.