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Rabsky Group, a partner in Read Property’s gigantic Rheingold development in Bushwick, has picked up 12 mostly empty lots close by, according to public records. Rabsky paid $53,000,000 for the 12 residentially zoned lots on Bushwick between Montieth and Forrest streets. One of the sellers was Read Property; the other one was Princeton Holdings, according to a story in The Real Deal.

No addresses were given for the parcel in the story, but the group is filed in public records under 501 Bushwick Avenue. The ramshackle block consists mostly of empty lots and parking lots across from a car wash and the Rheingold Gardens affordable housing complex. It is also not far from the Bushwick Houses public housing complex on the corner of Flushing and Bushwick.

Current zoning (R6a) will limit development here to six or seven stories.

Read and Princeton still own properties covering the remaining quarter of the block, as well as more lots across Montieth Street. Bushwick has been roaring with construction since the summer, and development of these properties will further transform this side of Bushwick.

Dushinsky Pays $53 Million for Big Bushwick Development Site [TRD] GMAP
Photo by Google Maps

64-82 ferris street red hook

Italian developer Est4te Four, which is transforming 160 Imlay Street into condos, has dropped $33,025,000 on four more properties in Red Hook, according to public records. One of the purchases is 64-82 Ferris Street, a huge three-building complex on the waterfront that used to house printing presses for The New York Daily News. The Milan-based developer plans to convert the existing warehouses into office space for creative companies and put up new buildings that could either be more office space or a hotel, according to its website.

Est4te Four executive Stefano Marciano signed a $6,500,000 mortgage last month for four neighboring waterfront plots — 64-82 Ferris Street, 242 and 300 Coffey Street, and 217-255 Wolcott Street. He’s also the signer on all three deeds, which hit public records September 30 for $17,503,250$9,907,500 and $5,614,250 respectively.

Last week, Est4te Four launched sales for its condo conversion of 160 Imlay with prices starting at $973,000 for a one-bedroom. The developer is also planning to convert a large red-brick warehouse at 202 Coffey Street into art galleries and studios. And over the summer, the company entered contract to buy two commercial properties at 62 Ferris Street and 219 Sullivan Street.

Photo by Google Maps

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The rendering above shows what could rise at 125 3rd Avenue, a development site in Boerum Hill for sale for $6,500,000.

There is a one-story commercial building on the site now, which has a total of 15,785 buildable square feet. If the buyer also purchased air rights from a neighboring property, that figure would increase to 19,631, according to Massey Knakal, which is marketing the site. It changed hands last year for $2,550,000.

No applications for building permits have been filed recently. Thanks to a tipster for forwarding the image.

125 3rd Avenue Listing [Massey Knakal]

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A three-lot parcel at 313-317 Vanderbilt Avenue in Fort Greene Clinton Hill that last traded for $3,000,000 in 2008 is for sale as a development site. The new price is $6,000,000.

We’ve written about this site many times over the years. The 20th century brick building that occupies two of the three lots was built as a headquarters for the Candy and Confecioners Workers Local 452 and later housed the Medgar Evers Headstart program. In 2008, an LLC named Jb Artist Studios LLC bought it for use as an artists’ studio. Massey Knakal is repping the owner in the sale.

The property is plenty roomy with a total of 10,532 square feet, but whatever gets built will be relatively low rise. The empty lot, 313 Vanderbilt, is 22.25 feet wide by 85 feet deep with 3,782 buildable square feet in an R6B zoning district.

Think the value of the property has doubled in six years?

313-317 Listing [Massey Knakal] GMAP
Development Watch: 315 Vanderbilt Avenue [Brownstoner]
Photo by Christopher Bride for PropertyShark

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We can already imagine a condo-filled future for a large lot that sold last week in eastern Crown Heights. The big property with a small apartment building at 906 Prospect Place changed hands for $3,500,000, according to public records.

The 10,000-square-foot piece of land between New York and Brooklyn avenues could accommodate a bigger residential building up to six stories tall with 24,349 square feet of space. The developer and signer on the mortgage is Jeffrey Gershon, who’s also building projects at 190 South 6th Street in Williamsburg and at 22-22 Jackson Avenue next to 5Pointz in Long Island City.

The lot currently has a two-story building measuring 40 by 45 feet that we’re guessing will be demolished, but no demo permits have been filed yet. Interestingly, the property, which had a lis pendens, sold for over twice its asking price of $1,450,000GMAP

Photo by Gregg Snodgrass for PropertyShark

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In the two years since Barclays Center opened its doors, 100 local businesses have closed, and chains like Shake Shack have arrived on Flatbush Avenue and nearby. (Opening soon: Doughnut Plant and Patsy’s Pizza). But some small businesses have survived and prospered by learning how to capitalize on game nights and concerts, according to a report in the Commercial Observer.

The owner of Cake Ambiance, the five-year-old dessert spot at 452 Dean Street, said the shop has gotten 20 to 40 percent more foot traffic since Barclays Center opened. He lures customers from the arena on game nights by offering free samples.

Two doors down, the little Italian cafe Broccolino has seen more business before and after events at the arena. Owner Giuseppe Piazzolla claims his local customers don’t mind the crowds from the stadium, because they come between 7 and 10 pm — when the game or the concert is happening. Business has been so good that he plans to open a pizzeria in the vacant storefront next door.

Two Years After the Barclays Center Opened, Which Local Businesses Have Won and Lost? [NYO]

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A huge waterfront site in Sheepshead Bay is on the market for $2,300,000. However, there’s a catch: Not only was Sheepshead Bay in general hard hit during Sandy, but 68 percent, or 53,000 square feet, of this 78,000 square foot property at 2433 Knapp Street sits “below the median high water line,” according to TerraCRG, which is marketing the site. That leaves approximately 25,000 square feet for residential development.

The empty site comes with proposed plans (they have not yet been approved, as far as we can tell from DOB records), including the above rendering, for a three-story building with 18 units. Not only would there be 18 outdoor parking spaces but the property would also come with 36 boat slips! (more…)

835 Myrtle Ave, Cascade, 2

It looks like the old Cascade Linen factory at 835 Myrtle Avenue near Marcy, which is not landmarked, may soon be torn down to make way for apartments.

A partnership of developers from the Satmar community of south Williamsburg are in talks to buy the building for $60,000,000, according to Crain’s. Shockingly, that number is more than double what the current owner paid for the property last year ($27,000,000). (more…)

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Brookland Capital has at least 46 developments in the works in Brooklyn right now — all condos — but most of them are in less prominent spots than the one the firm has just scooped up for $7,400,000 on 4th Avenue. The very active developer, whose private sources of capital have allowed it to build condos when most in Brooklyn could develop only rentals, is planning a 13-story building with 45 apartments plus ground-floor shops at 550-554 4th Avenue, The New York Observer reported. (more…)

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The Landmark Park Slope on 4th Avenue has just leased 3,300 square feet of space to Gymboree Play & Music, which offers music, art and developmental play classes for children from newborns to five-years old. The company has 550 centers in the U.S. and in 30 countries and two other outlets in Brooklyn. It is building out the space now according to one of the brokers and plans to open in the first quarter of 2015. (more…)

Massey Knakal, Chart from BK PSR

A new report out from real estate firm Massey Knakal finds that the Brooklyn investment market is on track for another record year, eclipsing even the bubbly markets of 2006 and 2007. In the first half of 2014, 1,068 investment properties (apartment buildings, mixed use, industrial and office buildings as well as development sites) sold, a 92 percent increase over the first half of 2013. And that is the largest number of sales of any year, beating out the previous high from the first half of 2007. Purchases of elevator buildings were up 342 percent in the first half of 2014 over the same period the previous year. Even the total dollar amount of sales was up dramatically: 142 percent over the first half of 2013. The total dollar figure of all Brooklyn deals, $3.4 billion, far surpassed the previous high of $2 billion in the first half of 2006.

For investors, this boom is drawing in far more cash and resulting a lot more deals than we saw during the real estate bubble in the run up to the financial crisis. If investors are throwing this much money around, should the rest of us be worried?

Chart: Massey Knakal