Brooklyn's rental pipeline is doing so well, it's started to raise fears of a glut, but that's not stopping developers like Demetrios Moragianis from adding even more rental properties to Brooklyn's emerging markets.
Demetrios’ Proto Property Services has submitted plans for a seven-story, 112-unit apartment building at 645 Gates Ave in Bedford-Stuyvesant.
Spanning 85k SF, the building will boast a tenant rec room and a 20-car parking area. The site currently houses a 192-unit rental building, which the new tower will stand beside, and offers an additional 95k BSF, The Real Deal reports. The project will be developed by Peter Franzese.
Demetrios's Bronx-based firm owns more than a dozen properties in Brooklyn and the Bronx, including the 360-unit 2950 West 24th St in Coney Island and the 264-unit 345 Thatford Ave in Brownsville. [TRD]
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