AvalonBay buys 7th Property at Bridge and Willoughby Streets in Brooklyn

AvalonBay Communities Inc., the Virginia-based developer and property manager of luxury apartment communities, has acquired another property (the seventh!) on the corner of Bridge and Willoughby streets in Brooklyn, NY.

The property, a 3,000 square foot mixed-use building, is located at 92 Willoughby Street and was acquired for a little over $15.3 million. It comes, however, with additional development rights, the total buildable square feet of the property being over 18,000, our records show.

The Brooklyn Daily Eagle reports that AvalonBay is planning to develop the tallest Downtown Brooklyn tower on the site. The residential tower, designed by SLCE Architects, will feature 58 stories and will have parking space for 345 cars, according to the same source.

Avalon Willoughby Square | Source: SLCE Architects
Avalon Willoughby Square | Source: SLCE Architects

AvalonBay started to acquire properties in Downtown Brooklyn on Bridge and Willoughby streets in 2008. An ownership search made on Avalon Willoughby West, the LLC under which these properties were acquired, returns seven of them, displayed on the map below. The aggregate purchase price was $74.8 million.

AvalonBay may spend an additional $36 million by 2011 to acquire other properties in the area. The company’s SEC filings reveal it has “entered into a non-cancelable commitment (…) to acquire parcels of land in Brooklyn, New York for an aggregate purchase price of approximately $111,000,000.” At the time of the last quarterly report, 30 June 2010, the company had an outstanding commitment to purchase parcels valuing approximately $51,500,000.  It’s very likely the parcels in question are the ones on Bridge and Willoughby streets, but the document does not specifically provide such information.

Parcels marked in blue color are owned by AvalonBay
Parcels marked in blue color are owned by AvalonBay

AvalonBay has recently completed a 631-unit rental development in Downtown Brooklyn, called Avalon Fort Greene, which has reportedly been a success.