Development Firm Buying up Brooklyn Multi-Families

Today The Real Deal has a story about East River Partners, a development firm buying up and gut-renovating multi-families in Park Slope and Carroll Gardens to turn them into condos. According to TRD, “The company is in the process of transforming the buildings into 900- to 2,000-square-foot, two- and three-bedroom condominiums — units designed to lure Brooklyn’s Bugaboo stroller-pushing set.” The firm was responsible for converting 397 First Street, between Sixth and Seventh avenues, shown in the photo above. Four of the seven units are now in contract. They are also taking on projects at 371 Sixth Avenue and 364 Union Street. And they’re in contract to buy 432 10th Street. As for their success sales-wise, Joseph Cohen, one of the company partners said, “So far, all of the units we’ve sold have been at or over the asking price.”
Development Firm Sets Its Sights on Park Slope, Carroll Gardens [TRD]

8 Comment

  • It would be cool if they actually kept some original detail…

  • I’ve often wondered why there aren’t more developers doing this type of project. Historic and appealing neighborhood, historic exterior and modernizing interior to appeal to the market that is just priced out of the renovated brownstone and doesn’t want to take on a project themselves. Judging from the first project I imagine they are making a pretty nice return.

    • There was an article in the NY Times a couple of months ago about developers moving in on smaller apartment buildings and doing similar conversions in Manhattan. seems like the trend in continuing in Brooklyn.

  • 397 1st st, shows plans filed initially for $600k worth of renovation to the entire 8 unit project, then another set filed for $295k. So in for $900k on paper, how much over that in additional costs? Two sets of plans have been dissapproved for the subdivision of the original lot into 8 separate condo lots…is this a typical delay. Roughs out to about $125 per unit, which throws in some common area reno. Does that seems like enough?

  • This happened all over the Slope in the 80’s. Only then it was owners, or developers they sold to, turning small rental buildings into coops. If the apartments were habitable, they were sold as is to buyers of individual units, who then renovated themselves, or the subsequent owners did, over the next few decades. Because they were often not renovated by the developers (though some were renovated by developers before sale, losing interior woodwork and detail in the process), they often kept their detail, unless later removed (and it often was not) by the individual owners. I didn’t think there were many of these rental buildings left after the last conversion and sales boom. I guess the A.G. finally prohibiting eviction coop conversions finally ended that last conversion boom where tenants wanted to stay in their homes. Guess they are being bought out now…