The 23-story, 153-unit residential development at 1580 Nostrand Ave in Flatbush looks like it’s getting built after all. (The developer, Hello Living, put the site up for sale for $28M five months ago.)
The sale’s off, and the project’s now moving ahead, New York YIMBY reports, but with a twist. Buyers of units in the building will become shareholders in an LLC set up by Hello Living for the development if they commit to units before the building delivers.
There’ll also be market-rate rentals in the building; it'll have 45k SF of community facilities and a 160-car garage. Hello Living acquired the site, which sits well outside of the development-heavy parts of Brooklyn to the north, for $13.1M last year. Ground’s expected to break within a few weeks. [NYY]
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