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Photo by Barbara Eldredge

Right now, it’s just a parking lot. But when 85 Jay Street went on the market two weeks ago, every developer in the city took notice.

Residential development at the site — which takes up an entire block — could increase Dumbo’s current population by 44 percent. And condos there could sell for more than those at the nearby Pierhouse — where apartments start at $2,850,000.

When we talk about 85 Jay Street, we’re talking about a big building. And even bigger money.

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Developer Slate Property Group plans to demolish the Key Food at 325 Lafayette Avenue in Clinton Hill to build an eight-story, 115-unit rental building, as Crain’s was the first to report. The 120,000-square-foot building will include 15,000 square feet of retail, which will likely be a supermarket, and 3,500 square feet of amenity space. Twenty percent of the apartments will be affordable.

Aufgang Architects is designing the building, which won’t be the first supermarket-replacing development the firm has designed in Clinton Hill. It also designed the seven-story, 232-unit rental building rising at 490 Myrtle Avenue, where the Associated Supermarket used to be.

Instead of buying the property outright, Slate decided to partner with its longtime owners, Dan’s Supreme Supermarkets.

Developer Does End Run Around Land Costs [Crain’s] GMAP
Photo by Janet Upadhye for DNAinfo

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Developer Slate Property Group has snapped up the former Greenpoint Savings Bank (and more recently, Capital One branch) at 856 Washington Avenue in Prospect Heights for $6,500,000, according to public records. The elaborate early 20th century neo-Classical bank building is just under 6,000 square feet, but zoning allows a developer to build up to 40,000 square feet on the site.

If the building is going to be converted to apartments, we wonder if Slate will add extra stories to the top. The firm has residential projects all over Brooklyn, including three large apartment buildings under construction along 4th Avenue in Park Slope

The Capital One branch closed last fall, as a new one opened at the corner of Franklin and Eastern Parkway. 

Closing Bell: Trader Joe’s Rumored to Be Opening in Prospect Heights [Brownstoner] GMAP
Image via Google Maps