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State Sells 160,000-SF Hoyt-Schermerhorn Parcels

NEW YORK CITY-The two remaining state-owned sites brought in $8.1 million in two separate sales. Both development ventures are planning mixed-use developments for the land, which has been off the tax rolls for decades.

By Glen Thompson | Updated on March 28, 2002

NEW YORK CITY-The state has finally shed one of Brooklyn’s major white elephants. The two remaining Hoyt-Schermerhorn properties have been sold to two developers who plan to turn the 160,000 sf of vacant land into mixed-use developments that will combine retail, townhouses and apartments.

The city received a total of $8.1 million for the two state-owned properties: $4.6 million for the 99, 644-sf parcel located between Schermerhorn, Hoyt, Smith and State streets; and $3.5 million for the 60,689-sf site located between Schermerhorn, Hoyt, State and Bond streets.

HS Development Partners, a joint venture between Time Equities and Hamlin Ventures, took the larger site. The JV’s proposal for the site includes apartment buildings, fee-simple townhouses, student housing, loft-style residences and retail space.

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