470 Vanderbilt Avenue Development

470 Vanderbilt Avenue

Architect: Perkins Eastman

Mechanical: AMA Consulting Engineers

Structural: Goldstein Associates Consulting Engineers

Strategically situated in one of the metro area’s most transit-centric neighborhoods in the Fort Greene section of Brooklyn, 470 Vanderbilt Avenue is a 10-story, 660,000 square foot former telecom building that GFI Development Company converted into an office building. GFI Development Company acquired the ground lease interest of 470 Vanderbilt Avenue in 2007 when the building was vacant. The company then undertook an aggressive leasing and recapitalization strategy in order to turn around the asset and increase occupancy from below 10% to over 90%. The project was financed through a partnership with an institutional equity partner and included $130 million senior loan and $44 million of tenant improvement financing. The building’s office leases were named the largest Brooklyn office leases of 2011, a 20-year, 400,000 square foot lease to the Human Resource Administration. Other notable tenants include the New York City Housing Authority and League Education & Treatment Center. GFI Development recently achieved a record breaking sale price for 470 Vanderbilt Avenue, capping off the successful redevelopment and repositioning of the 650,000 square foot commercial office building. The sale was prominently featured in The Real Deal.