The Daten Group announced plans to build a nine-story, 135-unit mixed-use rental building at 540 Waverly Avenue in Clinton Hill, Brooklyn. The 24,000-square-foot site will feature 6,000 square feet of retail and a 56-car enclosed parking garage. SL Green Realty Corp. provided $58.5 million in financing.
“This is a core project for the Daten Group as we are focused on residential developments with a strong emphasis on Brooklyn,” said Daten Group’s President David Ennis. “We just completed 840 Fulton Street, a similar building a few blocks from 540 Waverly, and we see brisk rental activity and tremendous potential in this vibrant and growing neighborhood. We are confident this building with condo-level amenities will be well received when it comes to market in 2022.”
The developer purchased the site — located just outside the Pacific Park redevelopment area — from Verizon New York for $17.25 million in December 2019. According to the developer, Verizon retained a building on the site while selling its underutilized parking lot and storage buildings. It is expected that Verizon will continue to use its portion of the property as a central office.
The proposed 95-foot-tall development totals 117,000 square feet with 91,900 square feet of residential space. The project will contain 40 affordable apartments, as part of the Affordable New York and Voluntary Inclusionary Housing programs. The remaining 95 apartments will be market rate.
Daniel Bernstein of Kutnicki Bernstein Architects is the architect of record for the new building.
