Developers Buy Big Fort Greene Development Site for $23 Million

Developers Slate Property Group, Meadow partners, and an unidentified third party purchased a former foster-care nonprofit building at 570 Fulton Street in Fort Greene for $23,000,000, reported The Real Deal.

When Brownstoner wrote about 570 Fulton last year, the estimated asking price was $2,000,000 higher. The new owners are likely planning condos for the property. According to The Real Deal, the trio of developers will probably not combine 570 Fulton with One Flatbush — an adjacent condo building planned by the same team and slated for completion in 2017.

The 26,400-square foot property comes with nearly 72,000 buildable square feet. However, if the developers take advantage of an inclusionary zoning bonus, they could build even higher, up to 86,000 square feet.

Sandwiched between 66 Rockwell Place and the future One Flatbush project, the three-story 570 Fulton Street was formerly owned by SCO Family Services, a foster-care non-profit. SCO bought the building in 1985 for $500,000 and used it to provide social services and education programs for children in the foster care system, homeless families and people with special needs.

Coincidentally, 570 Fulton is nearly kitty-corner to UrbanGlass, an arts non-profit that has witnessed the neighborhood’s dramatic change from blighted block to residential hub.

[Source: TRD | Photos: Christopher Bride for PropertyShark | Google Maps]

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