Demolition is well under way at Forest City Ratner’s 10 Metrotech Center, where the Dekalb side of the building has been reduced to rubble. The 359,000-square-foot building will be replaced by apartments, but no new building permits have been filed. Forest City Ratner has owned 1960s-era property at 625 Fulton Street, a former candy factory, since 1989. Check out more photos after the jump.
Forest City Ratner has finished demolishing the hulking candy factory turned office space at 10 MetroTech Center on Fulton Street in Fort Greene. The developer plans apartments on the large site between Hudson Avenue, Rockwell Place and Dekalb, but no new building permits have been filed yet.
Demolition began last year for the seven-story building, which was built in 1963. At various points in its history, the IRS, Human Resources Administration and the DMV all had office space there. The property at 625 Fulton Street is 62,472 square feet, and a building as large as 624,720 square feet can be built on the lot, according to PropertyShark.
huh. seems this bit of news was missed last year. I wonder how tall this will end up if they go residential?
Rabsky Group is expanding its plans for a Downtown Brooklyn skyscraper as big as 770,000 square feet with the recent $68 million purchase of a neighboring property at 633 Fulton Street, sources told The Real Deal.
The purchase allows Rabsky to build a larger ground-up tower, which is expected to contain 150,000 square feet of retail and significant frontage along Fulton Street.
Prior to this acquisition, Rabsky was planning a 36-story, roughly 618,000-square-foot office tower on the site at 625 Fulton Street. But the firm is now considering either residential or office as the tower’s primary use, said Tucker Reed, whose new real estate consultancy Totem is a partner on the project. The combined parcels offer 770,000 square feet as-of-right.
I really hope they build the largest with-action proposal, but there will be push back.
Nearly 2 million sf would make it the largest mixed use building in the city after Time Warner Center (Deutsche Bank) and second tallest after 35 Hudson Yards. This building would have slightly more floor area than 1 Vandy.
The developer signed a deal to extend two loans — for 625 and 635 Fulton Street, which it owns with Joel Gluck’s Spencer Equity — until July, Commercial Observer reported. Documents for the deal were filed on the Tel Aviv Stock Exchange.
Total financing for the project is $120 million. It combines an $80 million senior mortgage from Bank Leumi USA on 625 Fulton Street, a $20 million senior mortgage on 635 Fulton Street from BofI Federal Bank (now Axos Bank), and a $20 million mezzanine loan from the State Bank of Texas. All three were due in January this year.
Bank Leumi originated the loan in 2016, which was extended to mid-July with the option to further extend until January 2020. The mezzanine loan, with has an 11 percent interest rate, was also extended until mid-July. The second senior loan hasn’t yet been extended.
Rabsky and Spencer paid $158 million for the 75,000-square-foot site in 2016.