Developers Michael Stern and Joe Chetrit have closed a deal on the Dime Savings Bank Building in Downtown Brooklyn for $90 million, giving them rights to build the tallest building in the area.
Crain's had said that Stern and Chetrit will be able transfer the bank building's 300,000 square feet of unused development rights to the new site of the structure at 340 Flatbush Avenue Extension. The new tower which will rise more than 1,000 feet is being designed by SHoP Architects. The building will be the tallest outside of Manhattan upon completion.
According to the 6sqft report, the new high-rise structure will boast 600,000 square feet across 90 floors, mostly offered for condo rentals. At the base of the building, there's going to have a commercial space of about 140,000 sq. feet, while the 100,000-square-foot Dime Savings Bank, will be leased out as a rental space. Crain's says that the Beaux Arts building may serve as the entrance to the new development which features marble columns and decorative ceilings.
Sales are expected to start a year before the completion date in 2019.
After the acquisition of Brooklyn's landmarked Dime Savings Bank building by JDS Development in the amount of $90 million, news broke out that a building over 1,000 feet is going to rise in Downtown Brooklyn. Based from the other report of 6sqft news, the developer previously bought the site next door for $43 million, and they combined it with the bank's 300,000 square feet of development rights, where they can build a tower of nearly 600,000 square feet at 340 Flatbush Avenue Extension.
The 90-story tower will boast 466,000 square feet of residential space, totaling 550 condo units, including 140,000 square feet of commercial space.
There's also the 1,428-foot Manhattan tower at 111 West 57th Street that is being constructed by JDS and SHoP.
Stay up to-to-date on the progress of the tallest building at 340 Flatbush Avenue Extension in Brooklyn.
