(part of the site is pictured on the right)
The Brooklyn Daily Eagle reported yesterday that 505 St. Marks Avenue sold for $4.5 million to a developer, which comes out to approximately $48 per buildable square foot. The CHCA had previously reported that the property would be redeveloped as a halfway house, but this sale seems to rule out that possibility. The buyer is planning a 94,000 square foot, 128-unit, all market-rate residential development on the site of the former day care center, which sits on the north side of St. Marks between Franklin and Classon (just west of the shuttle tracks and the just-finished St. Marks Gardens affordable housing development, and across the street from the Jewish Hospital residential complex).
The planned development would be a major addition to the area that Nostrand Park dubbed "Four Corners" last year as it continues shift dramatically from a light-industrial area (with some limited housing mixed in) to a residential one. 128 units is a big development - the 8-story St. Marks Gardens next door is only 38 units - and at all-market-rate, it's safe to say it's not going to attract local folks displaced by local gentrification. On the other hand, a new development on a property that wasn't residential before won't directly displace people, though it certainly precludes other uses (like a halfway house or day care center) and contributes to the overall trajectory of change along the Avenue.
At the very least, this is one site to watch (along with the giant hole) over the next few months.