Fort Greene Nonprofit Building Hits Market, Site Likely to Sprout Apartment Tower

Nonprofit SCO Family Services has put its three-story office building at 570 Fulton Street in Fort Greene up for sale, according to Crain’s and TerraCRG. The 26,388-square-foot building has 71,920 square feet of development rights for commercial or residential, or up to 86,300 square feet with an inclusionary housing bonus.

There is no official asking price but land prices downtown are hovering around $350 a buildable square foot, which would translate into about $25,000,000, a TerraCRG spokeswoman told us.

SCO bought the property for $500,000 in 1985, according to Crain’s. Since then, SCO has provided social services and education programs for children in the foster care system, homeless families and people with special needs.

Crain’s noted the area has nearly 8,000 apartments in the works, including City Point, developments in the BAM Cultural District, the 1 Flatbush Avenue rental project and Forest City Ratner’s planned development across the street at 10 MetroTech.

Nonprofit Eyes Gain on its Downtown Brooklyn Site [Crain’s] GMAP
Photo by Christopher Bride