New York-based developers Ron Hershco and Dean Palin, along with Brooklyn Borough President Marty Markowitz, have officially broken ground on a $400 million, two-tower project that will showcase the tallest new construction tower in Brooklyn.

Rising to 400 feet, 306 Gold Street, and its slightly smaller sister building, 313 Gold Street, are the first ground-up residential high-rise projects underway following the approval of the Downtown Brooklyn Plan in 2004, which rezoned the area to permit larger residential as well as commercial developments.

"306 Gold Street and 313 Gold Street will completely transform the urban streetscape of Downtown Brooklyn," stated Hershco. "The rezoning was a major step forward for Brooklyn and our projects mark the beginning of many extraordinary buildings that will rise in this neighborhood."

When completed in January 2008, 306 Gold Street will be a 400,000-square-foot tower topping out at 40 stories--making it Brooklyn's tallest new construction building. Designed by the award-winning architect, Ismael Leyva Architects, the glass and brick tower will feature 303 condominium homes ranging from studios to three-bedroom penthouses. A 50-foot lap pool, squash court, indoor basketball court, fully equipped fitness center and screening room are part of the deluxe amenities that will be offered at 306 Gold Street. The building will also feature 24-hour doorman and concierge services, and an on-site parking garage, as well as 10,000 square feet of commercial space.

Also designed by Ismael Leyva Architects, 313 Gold Street, a 250,000-square-foot tower, reaching 35 stories, with 214 condominium homes, is slated to begin construction in August 2006. The building will also feature a 50-foot lap pool, fully equipped fitness center and screening room. Demand for condominiums at the towers is expected to be brisk, due in large part to development's close proximity to many subway lines, bus routes and the LIRR, the BQE, and Manhattan and Brooklyn Bridges.

Sales for 306 Gold Street are expected to begin fall 2006, and occupancy is scheduled for late 2007. Plaza Construction Corp. will serve as construction manager for 306 Gold Street. Hershco purchased both parcels of land in February 2005 following the rezoning, which made downtown development friendlier to developers.

PUBLISHED IN: Real Estate Weekly DATE: April 12, 2006


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