One big Downtown Brooklyn building is up for grabs.
The Maynard Building of the Brooklyn Hospital Center (TBHC), 240 Willoughby Street, is a “rare, large scale development opportunity,” according to Cushman & Wakefield, which has the exclusive listing.
The site is the latest front in the ongoing evolution of Fort Greene and nearby Clinton Hill and Boerum Hill, where ever-changing demographics and new developments have helped put Brooklyn on the map as the ‘mega borough’ it is today.
Bustling DeKLalb Avenue, coupled with Jay Street – which houses MetroTech – and the less-than-five-year old multi-purpose arena and concert venue that is the Barclays Center, all bring mass appeal to this growing and dynamic area of Brooklyn.
According to housing market trends provided by Trulia, Fort Greene has shown a four percent year-over-year rise in median sales price and a seven percent rise in median rent per month.
Additionally, according to a market analysis for Fort Greene, between 2005 and 2012, the median monthly rent in the neighborhood increased about 11 percent, after adjusting for inflation, and prices per square foot jumped 126 percent from 2004 to 2015 — moving from $409 to $927 — according to The Real Deal.
Nonetheless, said Jonathan Hageman, director at Cushman & Wakefield, apartments in the area do not stay on the market for long. “The immediate area continues to experience incredible residential demand,” he explained, “which is highlighted by the rapid absorption of new units hitting the market as well as the continuing shattering of record sales pricing.”
With approximately 331,500 buildable square feet available on a massive corner lot, totaling 31,300 square feet, the 21-story mixed-use Maynard Building sits directly on Fort Greene Park, which, according to Cushman & Wakefield, means a potential purchaser would have the ability to create a private entrance to the park, something the company calls “an incomparable amenity that cannot be replicated on any other site.” In addition, Fort Greene Park is visible from east-facing windows and Manhattan and Brooklyn from the west and northwest,
“Rarely does a site of this quality on the park become available,” said Bob Knakal, chairperson, New York Investment Sales at Cushman & Wakefield. “We expect tremendous demand for this rare opportunity.”
Zoning for the property is R6 zoning, allowing for as-of-right construction of medium-density housing.
Currently, the building is home to medical office space and residential apartments utilized by staff members and employees of TBHC.
The building’s last recorded sale price in November of 2012, according to the City Register, was $45,000,000.