The Collective Acquires Development Site In Bedford-Stuyvesant For $32.5M

A development site located at 1215 Fulton St. in Bedford-Stuyvesant, Brooklyn has been sold for a total of $32.5 million, according to a transaction that took place on February 28, 2019. The property, with a total building square footage (BSF) of 165,000, has been acquired by The Collective, a co-living company from Europe. The buyer plans to maximize the full BSF to create a fully amenitized co-living campus in the heart of Bed-Stuy.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $32.5 million
• Building Square Footage (BSF): 165,000
• Price per BSF (PPBSF): $196
• Address: 1215 Fulton St., Bedford-Stuyvesant, Brooklyn

The seller in this transaction is Joseph Hamway from Industrie Capital Partners, while The Collective is represented by DJ Johnston from B6 Real Estate. With the acquisition of this property, The Collective aims to create a fully amenitized co-living campus in Bed-Stuy, taking full advantage of the available 165,000 BSF.