Two Trees to Build $90M Downtown Brooklyn Complex

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.