Goose Property Management takes on Brooklyn development site for $25 million – Trade Observer

Goose property management spearheaded the co-op, with a $25 million contract for a downtown Brooklyn development site in hand (or under wing).

The Brooklyn-based property manager plans to demolish two mixed-use buildings in 358-376 Livingston Street and 60 Flatbush Avenueproperty he picked up for $25 million on Friday from an entity linked to Samuel Jemalit is Jemstone Grouplearned Commercial Observer.

The nine retail stores and 22 apartments, which Midtown-based Jemstone first bought in 1979, are a golden goose for their new owner. Goose Property can construct a building as large as 188,000 square feet in place of properties, according to JLLit is Stephen Palmesewho negotiated the sale with Brendan Maddigan, Michael Mazara, Winfield Clifford, Ethan Stanton and Patrick Madigan.

“As the city continues to nurture this innovation economy, this site presents a powerful opportunity to support commercial or residential development,” Palmese said in a statement.

It was not immediately clear what Goose Property would build on the site at the corner of Flatbush and Lafayette avenues, but the developer was more of an early bird, filing permits to demolish existing buildings nearly two weeks before the closing of the sale, according to New York City Department of Buildings recordings. Goose Property did not immediately respond to a request for comment.

The deal expands Goose Property’s scale in Brooklyn, where it owns apartment buildings in Greenpoint, Bushwick and Williamsburg as well as two in Long Island City, Queens. The owner recently hooked up $86.7 million in funding build a 166-unit multi-family complex in a former key food site in Williamsburg, CO reported.

Celia Young can be contacted at [email protected].

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