RESIDENTIAL/RETAIL DEVELOPMENT SITE
PARTNERS: Private Investors
LENDER: Wells Fargo (NYSE:WFC)
BUILDING SQUARE FOOTAGE: 33,000 square feet
Hidrock purchased 188 Prospect Park West in 2006. The building is currently leased to Pavilion Park Slope Cinemas 9, LLC which maintains and operates a nine-screen movie theater. The second building, 192 Prospect Park West, which is directly next to the Pavilion, was purchased in 2012. The second acquisition expanded the contiguous square footage available for development and brought additional value to the project.
After many redevelopment proposals to the Landmarks Preservation Commission, the city approved Hidrock's plans to redevelop the properties in 2015. Hidrock's plans include the preservation of the theater’s Prospect Park West and 14th Street facades and the demolition and new construction of a 6-story building on the 192 Prospect Park West lot. The new building is proposed to be connected to the existing theater building to make continuous floor plates. Additionally, the proposal calls for a 2-story addition to the existing theater building. The combined buildings will be comprised of approximately 24 residential condominium units with commercial on the ground-floor and cellar as well as sub-grade parking for the residential unit owners.
The development site sits directly across the street from Prospect Park in Park Slope, Brooklyn and is conveniently located near mass transportation.