Westbrook Partners and Invesco Real Estate are among the bidders for a 550,000-square-foot warehouse at 47 Hall Street in Wallabout, The Real Deal reported. Management could be planning an overhaul of the building, which is known for its artist studios and Open Studios events.
Currently housing mainly small, commercial tenants paying comparatively affordable rates of $6 to $8 per square foot, ownership is no longer renewing leases, according to The Real Deal. At the much larger but otherwise similar Industry City, investors have been bringing in larger tenants at higher rates.
Lightstone Group has just sold part of its enormous Gowanus luxury rental development to New Jersey-based developer Atlantic Realty Development for $75,000,000, according to public records, The Real Deal reported. Construction along the Gowanus Canal’s shore at the two-block site on 363-365 Bond Street has been topped out for sometime.
Atlantic Realty will be partnering with Lightstone in “finishing this community,” according to an Atlantic spokesperson who spoke with The Real Deal. The newly involved development firm has acquired a 12-story, 268-unit section of the 363 Bond Street development.
Manhattan-based Sun Wansam Realty Corp. has bought a rental building at 100 Luquer Street in Carroll Gardens for $21,100,000. The elevator building has 11 stories and was built in 2011 as condos, but opened as a rental building, The Real Deal reported. Its 20 units are occupied.
In July, a Brownstoner reader tipped us off to the sale of the final Puccio Marble & Onyx building at 661 Driggs Avenue in Williamsburg. The source, who asked to remain anonymous, said the building sold “for a ridiculous amount of money.”
Indeed, public records now show that the buyer of the two-story commercial structure, Brooklyn Rose LLC, paid $5,666,376 to two members of the Puccio family last month. While it’s certainly not a high price in absolute dollars, it’s up there in price per square foot: $1,049.32.
The final building of the Puccio Marble & Onyx group at 661 Driggs Avenue in Williamsburg sold Wednesday “for a ridiculous amount of money,” according to an anonymous tipster who declined to specify the sale price.
Any sale has yet to hit public records so could not immediately be verified.
As Williamsburg old timers will remember, the Puccio family owned and operated Puccio Marble & Onyx for 30-plus years across three properties on this corner. In fact, last time we passed by a few months ago, the outdoor stone yard across the street was still there. (As far as we know, it’s still in business.) The owner of 661 Driggs Avenue is listed as John Puccio.
Our source said that the buyer plans to remodel and lease the property, which consists of a two-story commercial building on a triangular-shaped lot. The low-slung building is using less than half of its allowable FAR and the site has 11,505 buildable square feet, according to PropertyShark.
To put any potential sale price in perspective, just a block away from 661 Driggs is 247 Bedford Avenue — the site of the future Williamsburg Apple store, which sold to Waterbridge Capital in 2012 for $66,000,000.
Developers are moving to transform a lowly Fort Greene lot. Just as their first Brooklyn building begins to rise at 250 Ashland Place, the father-son duo running Gotham Organization snapped up a coveted parking lot a mere two blocks away. For $5,500,000.
Located at 130 St Felix Street, the lot is steps from Atlantic Terminal, wedged between a BAM theater and the iconic Williamsburgh Savings Bank Tower. Naturally, we’re predicting condos.
The seller was the sponsor of the condo building next door at 1 Hanson Place, Canyon Johnson Urban Funds. The sponsor and the condo association of 1 Hanson Place negotiated an easement on the lot, used for parking, more than a year ago, according to public records.
A building with 75,114 square feet is permitted, according to PropertyShark. However, there may be trouble in developer paradise. (more…)
An unusual property, a landmarked row of seven apartment buildings on 14th Street, directly across the street from the Park Slope Armory YMCA in South Slope, is up for sale. The buildings at 409-421 14th Street, which have a total of 44 rental units, are being marketed for $16,500,000.
It’s a remarkable row of buildings. The larger apartment building at 409 14th Street has eight two- and three-bedroom units. The six three-story brick buildings look like small row houses and have one-bedroom units.
The buildings are all on one city tax lot and appear to have been designed to have one owner — they are all heated by one massive boiler in the eight-unit building. Combined, the buildings have 150 feet of frontage on 14th street.
The larger building at 409 14th Street was built around 1909 in the Colonial Revival style. The others are all Neo-Grec and were built around 1887 by Conlon & White. Some of the entrances were later altered in the Colonial Revival style.
A vacant lot protected by roll-down gates at 1425 Fulton in Bed Stuy is up for sale and could become a 33-unit apartment building with stores on the ground floor.
The seller, who’s offering it through GFI Realty Services Inc., is looking to get a whopping $6,000,000 for the site, located between Marcy and Tompkins. Ambitious, perhaps, though the broker touts development rights allowing for a 22,365 square foot mixed-use building.
That works out to $268 per buildable square foot. (more…)
The Dime Savings Bank of Williamsburgh has put its Williamsburg headquarters up for sale. The huge parcel of lots in South Williamsburg includes the historic 1908 Dime Savings Bank of Williamsburgh building and is being marketed as a development site by real estate firm Cushman and Wakefield. The parcel could, theoretically, be worth a rather mind boggling $55,000,000 or so.
The site is a roughly 50,000 square foot group of lots for sale includes 257 and 275 South 5th Street and 146 and 150 Marcy Avenue as well as 262 South 4th Street and 209 Havemeyer Street.
According to the broker the buyer could create a mixed-use development of about 230,500 square feet with 125,000 square feet of parking. Apparently the 1908 Dime Savings Bank building is not in danger of being torn down.
The firm is taking bids; no price has been set, although the bank has an undisclosed reserve price. The average price per buildable square foot for development sites in north Brooklyn was $241 in January, according to The Real Deal. If it sold at the average, that would work out to be $55,550,500. (more…)
A group of three developers purchased a three-acre industrial site in Bushwick for $26,750,000 and plans to turn it into a “creative community” with stores, restaurants and office space, according to real estate firm TerraCRG, which brokered the deal. Buyers Normandy Real Estate Partners, Royalton Capital LLC and Sciame Development will repurpose the existing eight buildings on the site, located at 333 Johnson Avenue, according to a release sent out by the developers.
The development will have more than 100,000 square feet of office and flex space, 60,000 square feet of retail space and 40,000 square feet of outdoor space. The developer plans to include space for “artisanal food production.” No plans have been filed for the site and the renderings are purely conceptual. The building is scheduled to be completed in early 2016 and tenants will have access as soon as late 2015, according to the release from the developers who were represented by real estate firm DTZ. (more…)
Dixon is shopping around its landmarked Bed Stuy apartment building at 75 MacDonough Street, hoping to get more than $4,000,0000 for it, a few different sources have let us know. Meanwhile, passerby have noticed signs on the top floor protesting conditions in the building, and one reader sent in the photos above and below. (Scaffolding has gone up on parts of the building since these photos were taken.)
Dixon is trying to see if it can get a good offer for the building, given the hot market, Alan Dixon, Managing Director and CEO of Dixon Advisory USA, told us. (more…)