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Flank, Carlyle Buy Downtown Brooklyn Site for $40M

NEW YORK CITY-A partnership of Flank Development and the Carlyle Group is buying a development site in downtown Brooklyn for about $40 million.

By GlobeSt News Hub | Updated on November 06, 2012

NEW YORK CITY-A partnership of Flank Development and the Carlyle Group is buying a development site in downtown Brooklyn for about $40 million. The 30,000-square-foot site, located at 71 Smith St., is zoned for a structure of slightly more than 310,000 square feet.

Flank and Carlyle will build a 105,000-square-foot hotel and approximately 210,000 square feet of condos. A partnership between Hamlin Ventures and Time Equities sold the site. Cushman & Wakefield Inc. and JRT Realty Group brokered the deal for the seller. For the full story, go to Crain’s New York Business .

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