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Old January 17th, 2014, 10:31 PM   #1
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NEW YORK | 141 Willoughby St. | 134m+ | 440ft+ | 44 fl | Pro

Brooklyn may soon sprout another tall residential tower:

Brooklyn deal raises residential possibility

The sale of the building across from the City Point mega-project highlights not only downtown Brooklyn's large-scale development, but the desirability of sites citywide that can accommodate apartment towers.

January 17, 2014

The real estate investment firm Savanna has acquired a development site across the street from one of Brooklyn's largest construction projects.

Savanna purchased 141 Willoughby St., a three-story building in downtown Brooklyn, for an undisclosed price from the Institute of Design and Construction, a school that provides construction training and that occupied part of the property. The site could support a fresh development of up to 240,000 square feet.

It sits just across the street from City Point, a massive new development with more than 500,000 square feet of retail space and two residential towers as well as a third residential spire at least 60-stories high on the drawing board. The development has come to reflect the growing interest in large-scale development in downtown Brooklyn. Together with the development of the Atlantic Yards a few blocks to the south, City Point is expected to usher in a new wave of residents and solidify the area's already-growing attractiveness as a residential neighborhood and a place to shop.

Savanna, which has been successful in the city in recent years buying real estate assets at opportune moments, like some other prominent owners, such as TF Cornerstone, is now taking its stake in the area's transformation.

"141 Willoughby St. is a prime location in downtown Brooklyn and we see tremendous future value in this ... property," Christopher Schlank, a managing partner at Savanna, said in a statement. "We are thrilled to be a part of the ongoing transformation of the immediate area."

Savanna can build up to 120,000 square feet of residential space on the site, according to Vincent Battista, president and chairman of the board for the Institute of Design and Construction. But, by securing a special permit from the city, up to double that amount of space can rise on the site. Mr. Battista said it was likely that Savanna could secure such a waiver, since the City Point development was zoned for high-rise development.

"Much of the surrounding area allows for large towers to be constructed," Mr. Battista said. "We expect that it is a reasonable request to change the zoning here so that this site too can benefit from higher density."

This one could rival nearby 88 Willoughby's 596 feet.
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Old January 20th, 2014, 07:02 AM   #2
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Old November 26th, 2015, 11:09 AM   #3
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44-Story, 270-Unit Mixed-Use Building Proposed At 141 Willoughby Street, Downtown Brooklyn

August 19, 2015 By Reid Wilson

Savanna has filed applications for a variance to build a 44-story, 310,000 square-foot mixed-use building at 141 Willoughby Street, in Downtown Brooklyn. In exchange for the rezoning, 30 percent of the building’s 270 residential units would be set aside as affordable. At the base, 28,000 square feet of retail space would span the ground and second floors, in addition to 34,000 square feet of office space on the third and fourth floors, according to The Real Deal. An existing three-story building must first be demolished.
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Old November 29th, 2015, 10:43 PM   #4
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I would expect a 44fl tower to be at least 500 ft, if not 600.
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141 willoughby st., brooklyn, new york

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