Landau Properties Breaks Ground on $550M One Montague Place in Brooklyn Heights

• Landau Properties breaks ground on the $550 million One Montague Place at 205 Montague St. in Brooklyn Heights.
• The 47-story, 672-foot tower will hold 46 condos, 90 rentals and 40,000 square feet of retail.
• The triangular site once housed the Brooklyn Dodgers' front office, where Branch Rickey signed Jackie Robinson.
• Landau paid $140.5 million for the land and lined up $213 million in predevelopment financing from Northwind Group and Atlas Capital Group.

Landau Breaks Ground on the Old Dodgers Office Site

Jonathan Landau is finally building the tower he filed plans for back in 2024. Landau Properties, alongside the Mizrachi family's Third Millennium Group and Midtown Equities, broke ground today on One Montague Place, a $550 million mixed-use tower at 205 Montague St. in Brooklyn Heights.

The project packs 46 condominiums, 90 rental units, and 40,000 square feet of retail into 47 stories rising 672 feet at the intersection of Cadman Plaza West, Pierrepont Street, and Montague Street, straddling the line between Brooklyn Heights and Downtown Brooklyn. At $550 million across roughly 530,000 square feet, that pencils out to just over $1,000 per square foot and about $4 million per unit, land and construction combined.

Landau paid $140.5 million for the 19,000-square-foot triangular parcel when he closed on it from Midtown Equities in December, a land basis of north of $7,000 per square foot. He followed that with $213 million in predevelopment financing: a $113 million senior loan from Northwind Group and $100 million in equity, including $25 million in preferred equity from Atlas Capital Group. Estreich & Co.'s Raffi Landau brokered the debt side; Rosewood Realty Group's Aaron Jungreis represented Atlas. "205 Montague's striking design, panoramic views and curated amenities will create an unparalleled residential experience while contributing meaningfully to the continued evolution of Brooklyn's iconic waterfront community," Landau said when that financing closed.

Hill West Architects designed the condo layouts as half-floor, full-floor and triplex homes, each with at least three bedrooms, 3,000-plus interior square feet and private outdoor space. The amenity package includes a 63-foot indoor pool, four padel courts, multiple children's playrooms, a BondST restaurant, and a jazz club.

The site carries more history than most Brooklyn Heights lots. A ten-story Italianate building here once served as the Brooklyn Dodgers' front office, where Branch Rickey signed Jackie Robinson in 1947, breaking baseball's color line. That building came down in 1962 for the mid-century office structure, most recently a TD Bank branch, that Landau began demolishing this spring.

A Tight Market at Brooklyn Heights' Edge

Landau is building in a neighborhood short on new supply. One Clinton, the sold-out condo tower a few blocks away that folded in a new Brooklyn Heights library branch, cleared north of $2,000 per square foot on some units. Rockrose is separately planning to redevelop the former St. Francis College campus nearby, and rental towers at 200 Montague St. and The Pierrepont at 146 Pierrepont St. have already leased up. At 672 feet, One Montague Place will rank among Brooklyn's tallest residential buildings, trailing only the 1,066-foot Brooklyn Tower.

It's the first project Landau has broken ground on solo in New York since leaving his post as CEO of Fortis Property Group. "In construction, there's huge risk, and that's why a project that goes well is disproportionately profitable over other segments of the commercial real estate market," Landau told Bisnow last year, previewing the bet he's now making on Montague Street.

What's Next

Sales are expected to launch in 2027, with delivery slated for 2029. The sponsor entity, 205 Montague Property Owner LLC, has already opened a teaser site at onemontagueplace.com ahead of a formal offering plan.