Photo courtesy of JDS Development
Brooklyn’s future tallest tower is under construction with completion expected by 2019. Located on 340 Flatbush Avenue Extension, the building will be 1,066 ft in height and contain just under 500 rental units, ranging from affordable to high-end luxury apartments. This may help the slowing in price appreciation predicted for Brooklyn’s housing market this year. According to 6sqft, development for the project began in 2014 under SHoP Architects’ Michael Stern and Joe Chetrit, the company also responsible for developing the Barclay’s Center in Brooklyn. Developers not only closed on 340, but also on the much shorter bank building adjacent to it. The bank building allowed an additional 300,000 sqft of air rights needed to build the tower, which costed nearly double the price of the land they are constructing on. That means, $90M went to the purchase of air rights for this project. Not to mention, the bank is a landmark, and any proposed alterations by the developers need to go through the Landmarks Preservation Commission first.


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