Steiner NYC to Bring New Rental Tower to Downtown Brooklyn
- Feb 17, 2012
By Veronica Grecu, Associate Editor
Brooklyn’s historic residential boundaries are set to expand as a new, amenity-rich apartment building is being prepared for construction at 333 Schermerhorn St. near the intersection of Third and Flatbush avenues. The plan was revealed early last week by Steiner NYC, a family-run development company that also operates Steiner Studios, a film and television production company headquartered in Brooklyn’s Navy Yards. In November 2011, Steiner NYC paid $30 million for four mostly vacant lots where the new tower will take shape.
According to The Wall Street Journal, the 52-story tower will include 720 new Brooklyn apartments for rent, 50,000 square feet of street-level retail space and an underground parking garage for over 250 vehicles. Highlight amenities will include a 24-hour concierge, a shared outdoor terrace with sundeck, a fully-equipped fitness center, a yoga studio, locker rooms, a dog run, a grilling terrace, lounges and bike storage space for every unit. Steiner NYC’s estimation is that the project will cost up to $350 million.
The company is ready to make a $100 million initial investment and hopes to obtain the rest of the funds through a state housing program called “80/20”. Under this program, 20 percent of a project’s units must remain affordable for specific periods of time, while the remaining 80 percent can be rented at market rates – this means that for a 1,000-square-foot apartment unit, the market-rate rent could vary from $3,000 to $4,166 a month, explains The Wall Street Journal.
Designed by Dattner Architects in cooperation with Goldstein, Hill and West Architects, the project will be called The Hub because of its location at the crossroads of the BAM Cultural District, Boerum Hill, Park Slope, Fort Greene, Cobble Hill, Carroll Gardens and Prospect Heights. The groundbreaking is slated for the fourth quarter of 2012 or early 2013, and construction is expected to take 30 to 36 months to complete.
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Image courtesy The Dattner Architects via The Wall Street Journal