Project included the joint-venture acquisition of two neighboring sites and acquisition financing in the development of a mixed-use project.
Willkie represented Meadow Partners in a joint-venture acquisition and development project with developer Slate Property Group. The acquired properties are located on the corner of Flatbush Avenue and Fulton Street in Brooklyn, New York. The contemplated development project will be comprised of 172,000 square feet of mixed use space – 12,000 of which will be retail space, topped by 150 residential units.
Sitting atop a major subway hub and across the street from the Fulton Mall, One Flatbush’s location will provide its retail tenants with visibility to thousands of pedestrians daily and millions of subway riders annually. With recent population growth in this thriving area between downtown Brooklyn and Fort Greene, these numbers are sure to increase. Additionally, the retail space may be configured to be one of the largest, most visible, and highest-quality retail locations in the area. The availability of boutiques, high-end retail, civic, arts and entertainment centers, parks, and a variety of night-life, hotels and dining establishments make One Flatbush even more desirable for future tenants.
The matter was handled by partner David Drewes and associates Justin Elliott, Jennifer Coffey, and Jacob Moss. Partner Henry Cohn provided tax advice in connection with this matter.