The 165-foot tall structures will yield 1,292,920 square feet of floor area, which includes 232,880 square feet for residential use, 99,100 square feet for the medical facilities, 37,990 square feet for the school and library, 85,590 square feet for offices, 95,210 square feet for the hotel, and 342,090 square feet for retail.
One-third of the retail space is expected to be occupied by local businesses, as well as a furniture store, drug store, supermarket, cultural establishment, a food court, and an event space. 250 apartments will be created, averaging 930 square feet apiece. 50 of those units will be let at affordable rates to those making below 80% of area median income.
After getting years of pushback from the local community board and struggling to get through the city’s lengthy rezoning process, the owners of 6208 Eighth Avenue have hired a Cushman & Wakefield team led by Stephen Preuss to find a buyer for the property, a massive parking lot on the border between Sunset Park and Dyker Heights. The block-through site between 61st and 64th Streets entered the uniform land use review process (ULURP) for the second time last summer. The consortium of developers hoped to build three towers—a 12-story, 250-unit residential building with 50 affordable apartments, a 12-story office building, an 11-story, 250-room hotel on top of a two-story retail podium.
Preuss said they intend to market the site, which sits inside an opportunity zone tract, to opportunity zone funds and major developers in the tri-state area. The asking price of $150 million works out to roughly $120 a buildable square foot, assuming a 1.3-million-square-foot development.