The site, a parking garage located at 233 Atlantic Ave. on the corner of Court and State streets, is located near the downtown shopping and office districts, the courts complex and the residential districts of Brooklyn Heights, Cobble Hill and Boerum Hill. Plans call for roughly 240 residential units, 540 below-grade parking spaces, 20,000 sf of retail space and a 40,000 sf facility for the YMCA of greater New York.

According to the New York City Economic Development Corp., which awarded the bid to DUMBO (Down Under the Manhattan Bridge)-based Two Trees, the $90-million project will create more than 700 construction and 130 permanent jobs for the area. The city expects to gain roughly $54 million in revenue from the property.

The YMCA facility will feature a five-lane collegiate swimming pool, a full basketball court and a wellness center that will complement services currently available in Downtown Brooklyn. "This is the only development site outside of DUMBO that we have looked at in 15 years," says Two Trees president David C. Walentas. "Our new building will provide badly needed apartments and neighborhood retail with a flagship YMCA. It will eliminate a huge eyesore at a critical intersection and link the residential neighborhoods of Brooklyn Heights, Cobble Hill and Boerum Hill with Downtown Brooklyn."

Two Trees has invested more than $100 million in DUMBO, where it is a major property owner. The firm has developed, owned and managed more than $500 million in real estate since it was founded by Walentas in 1970.