Greatest Real Estate Finds

[samhexum]

Major transformation is on the horizon for a low-income apartment complex notable for its three-story-high buildings with distinctive Dutch stepped gables occupying a superblock on the southeastern edge of Bed Stuy. Developers have filed to rezone the property, known as Fulton Park, to make way for a mega-development with up to a dozen buildings reaching 17 stories and holding upwards of 2,000 market-rate and affordable apartments.

Potentially, about half the units could be affordable, and current residents would be able to move into similar but new apartments at the same rent.

The application was filed by L+M Development Partners and SMJ Development in partnership with the city’s Department of Housing Preservation and Development. It calls for the rezoning of 1754 Fulton Street and 53 Utica Avenue, lots bound by Utica Avenue and Nelson Mandela High School to the west, Fulton Street to the north, Rochester Avenue and Hunterfly Place to the east, and Atlantic Avenue to the south.

As part of the plan, the 38 existing buildings at Fulton Park, which contain 209 Section 8 affordable apartments and a management building, would be demolished. Two new buildings would be constructed to replace the existing housing units and one of the replacement buildings is expected to be built first on part of the vacant portion of the Fulton Park site.

That would allow residents living in the southern portion of the site to move directly into newly built apartments without an interim relocation, according to a rep from L+M, who added those tenants would receive units with the same number of bedrooms and bathrooms and would continue paying the same rents. The rep said the development team had been gathering input from residents for the past two years. After the first relocation, the existing buildings south of a parking lot on a former stretch of Herkimer Street would be demolished, followed by construction of additional buildings on that portion of the site. The remaining existing residents would then be relocated into newly completed buildings.

In addition to the Fulton Park site, the rezoning includes a long-vacant HPD-owned parcel west of Utica Avenue that has been used by locals as a skatepark. Under the proposal, the overall development would include 11 new buildings on the Fulton Park site and one new building on the HPD site.

In total, the 12 proposed buildings would contain approximately 1.97 million gross square feet of development. About 1.91 million square feet would be residential, roughly 20,900 square feet would be commercial space, and about 33,120 square feet would be devoted to community facility use.

The development would include approximately 2,035 apartments, the documents say. That figure includes the 209 Section 8 units replacing the existing Fulton Park housing, 351 apartments that would be 100 percent affordable on the HPD site, and between 337 and 505 additional affordable units at Fulton Park required under Mandatory Inclusionary Housing.

As part of the rezoning application, L+M is also seeking to acquire the HPD-owned site and a representative for L+M said the proposed 100 percent affordable building on that parcel is contingent on the city approving its disposition.

HPD confirmed it is in early discussions regarding the site. An HPD spokesperson told Brownstoner: “HPD is committed to building housing on this site and we are in early conversations with L & M about the potential utilization of the city-owned land for affordable housing. The L & M site is adjacent to a vacant HPD-owned site. Due to complicated regulatory issues, including the fact that both sites are part of the same tax lot, and expediency, the rezoning application is covering both sites. There are no immediate plans for HPD to develop that vacant site.”

The rep added that there have been “some early conversations with L&M, but we have not made any determinations on next steps for the site” in regards to disposition.

[BSR]

I just heard about this record-breaking sale from last August:  an $87.5 million penthouse in the West Village, the highest price ever for a downtown property.  Wow, I’m almost old enough to remember when Jane St, especially that far west, was a dicey neighborhood.

[+ Charlie]

On 12/5/2025 at 12:05 PM, Lotus-eater said:

4 East 79th Street in Photos

ROBBREPORT.COM

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The palatial $68 Million Gilded Age townhouse in New York City was the site of a brutal murder in 1915.

 

 

I would definitely need to hire a fulltime housekeeper.