By Jeffrey Steele, Contributing Writer
New York, N.Y.—Benenson Capital Partners has forged a joined venture partnership with Rose Associates to develop a mixed-use tower in downtown Brooklyn. The property at 210 Livingston St. was acquired by Benenson in 1971.
Recently, the company completed demolition of an existing vacant office building on the site to clear the parcel and allow new construction to move forward. What made this the right time and place for the development?
“The opportunity existed because the City, which had been our tenant since the 1970s, moved out of the property in March,” Benenson Capital Partners chief operating officer Richard Kessler tells MHN. “But more importantly, we think this is a phenomenal residential location due to its close proximity to transportation hubs, including in-building access to the A, C and G subway lines. The location is also across the street from the soon-to-be-transformed Macy’s. We have seen a genuine revitalization in downtown Brooklyn, and residential development has ramped up considerably in accordance with this transformation.”
Added Amy Rose, the co-president of Rose Associates: “We are confident that together with Benenson we will deliver a beautiful building that will offer terrific rental housing and premier retail opportunities in the heart of downtown Brooklyn. We look forward to contributing to the continued renaissance of this remarkable neighborhood.”
In addition to providing access to the three subway lines, the new development will put its residents and retail tenants near numerous other transportation centers in close proximity to the site. The residential tower will also offer high-visibility retail space on the ground floor fronting Livingston St.
The teams of Benenson Capital Partners and Rose Associates are no strangers to one another. In fact, the prominent, family-owned, New York City-based real estate companies have worked together for more than half a century.
For instance, they partnered on development of the luxury Midtown Manhattan apartment building called The Metropolis. They also worked together to bring about the redevelopment of 21 West Street in the Financial District, as well as an office building at 1180 Avenue of the Americas.
Noting the challenges that exist in any new development also are part of this project, Kessler adds that the development of this structure will mean a great deal to Brooklyn, and to future residents.
“This building will be another first-class Benenson and Rose Associates development,” he says, noting that such developments are renowned for their well-designed units and quality amenities. “We are delighted to partner for the fourth time with our long-time friends and colleagues at Rose Associates to create a wonderful new property in one of the most exciting markets in the nation.”