Land Sale Paves Way for $70M Development

FLATBUSH, NY-Triangle Equities Development Co. paid the city $2.2 million for a 146,000 sf of property here that the developer plans to turn into a three-story retail center featuring an approximately 200,000-sf Target as its anchor. The Whitestone-based developer has dubbed the 280,000-sf center at the intersection of Flatbush and Nostrand avenues in Brooklyn the Junction. Plans call for a 175,000-sf five-level public parking garage and several smaller retailers on the ground floor.

New York City Economic Development Corp. president Andrew M. Alper says the initiative is part of revitalization for the area. “Triangle Equities’ decision to locate a nationally known retailer here underscores the attractiveness of New York City’s neighborhood communities for investment and growth.” It is expected to create about 750 construction jobs and more than 360 permanent jobs. Construction of the project is expected to begin by spring 2005 and be completed in fall 2006.

The property consists of two former municipal parking lots, a depressed Long Island Railroad right-of-way bordered by two bridge abutments and an adjacent city-owned property previously occupied by a car wash facility. The railroad right-of-way will be decked over to support a portion of the parking garage and retail complex.

Triangle Equities was selected to develop the property as a result of a Request for Proposals issued by EDC. Triangle Equities completed other projects with EDC including a 12-screen National Amusements Cineplex in the College Point Corporate Park called Triangle Plaza. The 165,000-sf entertainment/retail center has Toys ‘R’ Us/Kids ‘R’ Us as a major tenant. The firm also developed the 73,000-sf Triangle Centre, also in College Point.