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Downtown Brooklyn: Parking Lots to Apartments

Real Estate Developments

Development in Downtown Brooklyn is thriving. “The transit-rich neighborhood is undergoing a precipitous boom in new residential and office construction that’s hard to keep a handle on”.[1] New luxury residential spaces are continuing to crop up, such as Downtown Brooklyn’s tallest addition, The Hub, which features 40,000 square feet of amenities ranging from a pool, sky lounge and screening rooms. 150 of The Hub’s 750 apartments are reserved for affordable housing, with prices starting at $833. Due to the surplus of residential units in New York, tenants can even still enjoy perks such as two months free rent. What else is on the horizon for the thriving area?

The Brooklyn parking lot located at 260 Gold Street is set to be transformed into a 13-story apartment building. Developer Solomon Feder plans to turn the 191,000 square feet property into 286 residential units with a 115 car park, 143 bike rack, and recreational space for the residents.[2] The architect firm listed is Charles Mallea Architect, who has done a number of residential projects in addition to showrooms and commercial spaces.[3] Although details of the building have not yet been released, the new residences will be within walking distance to McLaughlin Park, a number of schools and shops, and the B, F and Q subway lines.

Feder also has plans at 45-57 Davis Street in Long Island to develop a 9-story apartment building with 158 units. 290 out of 107,000 square feet will be set aside for commercial space. Feder is reserving 30% of the units for affordable housing while the remainder will be go at market rate.[4] Both of Feder’s new developments made it onto February’s top ten real estate projects, along with a new hospital in Gravesend and a 26-story development in Williamsburg which will be divided into a hotel and residential units.[5]

[1] Rosenberg, Zoe. (Jan. 25, 2017) “Mapping 20+ Downtown Brooklyn Buildings in the Pipeline.” Curbed NY. Available at: Accessed on March 14, 2018.

[2] Warerkar, Tanay. (Feb. 22, 2018) “Downtown Brooklyn Parking Lot will be Replaced with Nearly 300 Apartments.” Curbed NY. Available at: Accessed on March 14, 2018.

[3] Chris Mallea Architect. “About.” Available at: Accessed on March 14, 2018.

[4] Small, Eddie. (March 12, 2018) “The Top 10 Biggest Real Estate Projects Coming to NYC.” The Real Deal. Available at: Accessed on March 14, 2018.

[5] Ib.

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