Tankhouse to sprout new terraced tower in hot area between Downtown Brooklyn and DUMBO

By CityRealty Staff | From Future New York Tuesday, November 17, 2020

Rendering credit: Tankhouse

Last week, DUMBO-based designer/developer Tankhouse closed on the purchase of a corner development site at 219 Jay Street and Chapel Street for $12.5 million. The lot is currently home to a three-story, 9,800-square-foot building, but offers an additional 37,549 square feet of buildable square feet. Real Estate Weekly reported the sale and noted that the site offers opportunity zone eligible tax benefits.

Tankhouse's websiteposted preliminary sketches of a new residential tower with several setbacks and private terraces at the site. As permits have not yet been filed, it is not clear how many units the building will have, amenities, or whether it will be a rental or a condo.

Nonetheless, residents will benefit from close proximity to the York Street F, the Borough Hall 2 /3 and 4/ 5, and the Court Street N/R/W trains, all providing easy commutes to Manhattan. While somewhat in a no-man's area beside the off-ramps of the Manhattan Bridge, it is in close walking distance to more pedestrian-friendly areas of DUMBO, Downtown Brooklyn, and Brooklyn Heights. The grounds of St. James Cathedral Basilica, the cathedral church of the Diocese of Brooklyn, and McLaughlin Park will allow residences to have unobstructed south-facing views of the Downtown Brooklyn skyline.

211 Jay Street at present day via JLL Capital Markets

When 219 Jay Street is complete - Tankhouse projects 2022 - it will join several new developments that have taken shape in the area over the years. The site is around the corner from 22 Chapel Street, where a CetraRuddy-designed rental tower has reached full height. Down Jay Street is The Amberly where availabilities range from $2,300/month for a studio to $6,000/month for a three-bedroom. On the next block, a massive under-construction rental building at 260 Gold Street has an affordable lottery in full swing. On the condo front, it is a short walk from Front & York, a full-block, Morris Adjmi-designed development where listings start at $960K.

In addition to being located on a robust residential block, 219 Jay Street sits in the center of the Brooklyn Strand master plan. The path from Downtown Brooklyn to DUMBO is currently a series of disjointed parks, plazas, and greenways that makes for a confusing, uneven trip between two of Brooklyn’s most popular areas. The Brooklyn Strand seeks to change that by transforming the parks and plazas into one mighty green gateway.

All images of Brooklyn Strand via Downtown Brooklyn Partnership

Indeed, 219 Jay Street is set in the heart of a Downtown Brooklyn building boom. Sixteen years since the rezoning, the once-industrial neighborhood is now one of Brooklyn’s most highly coveted residential neighborhoods, which shows in the prices: According to CityRealty listings, the median price of a Downtown Brooklyn condo is $1.455 million, or $1,307 per square foot. Median rents range from $2,195/month for studios to $6,000/month for three-bedrooms.