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.

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.