531 Myrtle Avenue

Rendering: Greystone via TerraCRG

Have a look at Clinton Hill’s fast-food-to-residential conversion 531 Myrtle Avenue.

Located at the corner of Myrtle Avenue and Steuben Street, the site was formerly home to a White Castle drive-through. Greystone scooped up 531 Myrtle Avenue and adjacent lot 100-102 Steuben Street, with plans to construct two luxury rental buildings, Curbed reported.

The developer spent $12.5 million to acquire the properties via Clinton Hill Development I & II LLC, according to Department of Finance Records. The deal closed in late September. To make way for the new apartments, the White Castle and two low-slung homes on Steuben Street will be demolished.

TerraCRG is marketing the retail space at the base of 531 Myrtle Avenue, which will be a 27-unit building with 75 feet of frontage on Myrtle Avenue and 72 feet on Steuben Street. The retail area measures approximately 6,000 square feet on the ground floor, with 14-foot ceilings and a 3,000-square-foot basement. In the rendering above, included in the retail listing, 531 Myrtle is at the forefront, with the second proposed structure to the right.

On May 23rd, Rock Developers LLC filed permits for an eight-story, 39-unit building at 100 Steuben, with Karl Fischer as the architect of record. Five days later, Rabsky Development filed permits for a five-story, 27-unit residential structure at 533 Myrtle Avenue, with Karl Fischer as the architect of record. Both permits were disapproved, in August and September. Then Greystone bought the Myrtle Avenue lot for $4.5 million and the Steuben Street lot for $8 million.

The new building at 531 Myrtle will be available for occupancy in early 2016, according to the listing.

Fort Greene Focus notes that Greystone’s buildings are the latest entries in the area’s development boom; 100-102 Steuben is down the block from 96 Steuben, which began leasing in October, and 531 Myrtle is a hop-skip away from in-progress seven-story project 525 Myrtle. There’s also 504-524 Myrtle, slated for a big development by Silverstone Property Group, and Pratt Institute housing planned for 131-137 Emerson Place.

Greystone has had a mighty productive year; the New York-based firm recently acquired four adjacent parcels on East 125th and East 126th streets in Harlem, with an eye on developing a mixed-use project about 12 stories tall. The new project, encompassing 69, 71 and 75 East 125th and 58 East 126th, will have a mix of market-rate apartments and affordable housing.

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