NEW YORK | 200 Montague Street | 255 FT | 20 FLOORS

Midtown Equities offers 205 Montague for sale

Developer Midtown Equities is hoping to sell a property in downtown Brooklyn in a deal that could help it buy one of the biggest development sites in Williamsburg.

The firm has put the large parcel it owns at 205 Montague St. in downtown Brooklyn up for sale for over $200 million. The site, currently home to a five-story retail and office building, allows for a 300,000-square-foot residential tower with affordable housing that could soar 700 feet or higher.

Midtown Equities has hired a sales team from Cushman & Wakefield led by Bob Knakal, Cushman’s chairman of investment sales in the city, to market the site and arrange a deal.

Meanwhile, Midtown Equities is trying to complete a $200 million-plus deal to acquire a huge property on the waterfront in Williamsburg. That site achieved widespread attention earlier this year when one of two warehouses there that are occupied by the records archive business Citi-Storage burned to the ground.

Community activists have called for the city to deliver on a past promise to transform the Citi-Storage property into a section of Bushwick Inlet Park, but so far, the city hasn’t made efforts to purchase it. Midtown Equities could build more than 600,000 square feet of manufacturing space as-of-right on the land. The company is rumored to be aiming for a deal with the city to convert a portion of the parcel into parkland in exchange for permission to develop retail, office and residential space on the inland portion.

A source familiar with the two deals said they weren’t connected. Midtown Equities, the source said, plans to reinvest the proceeds from 205 Montague Street into retail space it plans to purchase in high-street locations in the city and around the country. Still, a sale of 205 Montague St. could give Midtown Equities a handy slug of cash that it could potentially pour into the Citi-Storage deal if need be.

According to city records, Midtown Equities purchased 205 Montague St. for $33 million in 2010, then paid another $3.2 million in 2012 to the city to remove previous development restrictions on the site. Midtown Equities subsequently purchased neighboring air rights to increase the amount of square footage that can be built on the site to 300,000 square feet. The company developed plans for both a 44-story and a 62-story tower at the site, according to marketing materials produced by Cushman & Wakefield. Renderings of Midtown Equities’ plans show that the company wanted to preserve a portion of the commercial building currently at 205 Montague. That property is home to a TD Bank and has Cushman & Wakefield’s Brooklyn office on its second floor. Midtown Equities’ renderings show at least half of that building left intact and joined to a new residential tower that would rise adjacent to the preserved structure.

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Credit: http://www.brownstoner.com/blog/2015/10/brooklyn-development-205-montague/

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This would be great. The current building is an eyesore. The crappy courthouse across the street should be redeveloped too.

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This development is a HUGE improvement for this neighborhood!

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I agree. Court Street has the potential to be quite nice.

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The POS that occupies the site

Today


Beautiful neighbors

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Any news ?

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Does anyone have any news about this building?

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So the TD bank is still open for business, but a couple of the tennants on montague st have vacated.

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I hate that TD Bank.

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related? edit: I’m not familiar with this neighborhood. It’s across the street, so unrelated. Should’ve figured with the address.

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THat’s good news, though the TD Bank building is more of an eyesore.

Brooklyn Heights is so beautiful overall.

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Yes indeed. Midtown Equities put the 5 story office building up for sale a while back.

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Is that a 700 foot blank wall there?? :astonished:

Or is there space for another building to cover it up?

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I think its just poorly rendered. Though I doubt the project is still alive. It has been dormant for years.

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okay good, I guess I needed to check the date on that post

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These should be two different threads. 200 Montague is a contextual upcoming tower under landmarks jurisdiction. 205 Montague is a likely much taller tower across the street, and as-of-right, with no height limit.

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Excavation Underway At 200 Montague Street In Brookyn Heights

Excavation is underway at 200 Montague Street, aka 192 Montague Street, the site of a 20-story residential building in the Borough Hall Skyscraper Historic District of Brooklyn Heights. Designed by Beyer Blinder Belle, the 140,700-square-foot structure will rise from a 46,000-square-foot plot that was previously occupied by a four-story commercial building. James M. Patterson of Ancora Engineering is listed as the applicant of record.

Recent photographs show the construction crew and excavators just several feet below grade, indicating that work is still in the early stages.

Originally called the Lafayette National Bank, the previous structure at the address featured an International Style design and was constructed as a two-story building. Two more floors were later added, followed by a number of external alterations up to the end of its lifespan.

The new structure’s envelope will be composed of floor-to-ceiling windows framed by sculpted stone panels. The retail signage and front doors will be surrounded by limestone. Commercial space is planned to span around 11,800 square feet, while the residential units will cover nearly 128,900 square feet. Floor spans from the second through 14th floors measure 6,248 square feet, while the 15th through the 20th floors will span between 5,400 to 5,500 square feet. Setbacks positioned throughout the height of the building are designed to create a stepped appearance between the adjacent structures, as illustrated below.

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