NEW YORK CITY-Capitalizing on the exploding growth spurt of Downtown Brooklyn, Benenson Capital Partners has formed a joint venture partnership with Rose Associates to develop a mixed-use building at 210 Livingston St. in the area.
The property, which sits on the corner of Hoyt street, will feature both a residential and retail component, though the amount of each has not been determined yet as the building is in development, Benenson CEO Richard Kessler tells GlobeSt.com. The latter will have high visibility on Livingston street.
Regardless of its exact offerings, the building's location gives it numerous selling points, he says. "The revitalization of Downtown Brooklyn made the property—which we've owned since the 1970s—ideal for a residential development. It offers in-building access to the A, C and G subway lines, with many other transportation hubs in close proximity transportation; it's located diagonally across from Macy's, Fulton street and all of the new retail there, and a lot of residential property has been developed in the area so we thought this would be a great site for a new residential building."
In addition, Kessler adds, "We think the market for residential property is better than office, especially because office requires much more capital improvements and has higher costs, relative to more leases coming due and paying commissions. Plus the office sector has more volatility; residential vacancy is generaly low, even during recession."
Further, he says, "We are delighted to partner for the fourth time with our long-time friends and colleagues at Rose Associates to create a wonderful new property in one of the most exciting markets in the nation. We are constantly seeking opportunities to reimagine the properties in our portfolio and take them to their best and highest use."
Adds Amy Rose, co-president of Rose Associates, "We are confident that together with Benenson we will deliver a beautiful building that will offer terrific rental housing and premier retail opportunities in the heart of Downtown Brooklyn. We look forward to contributing to the continued renaissance of this remarkable neighborhood."
The teams at Benenson Capital Partners and Rose Associates also partnered on the development of the Metropolis, a luxury apartment building in Midtown, and the redevelopment of 21 West St. in the financial district, as well as an office building at 1180 Ave. of the Americas.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
