Italian developer Est4te Four — the same folks behind gorgeous and fast-selling 160 Imlay — closed on $33,000,000 worth of Red Hook properties last month, and now we have renderings of what they plan to do with it, courtesy of New York YIMBY. They intend to convert the large brick warehouses on Coffey and Ferris Streets to offices and build new five- and six-story buildings with brick on the bottom and glassy top floors, according to the rendering.
They want to demolish the site’s “less attractive” warehouses, such as the Daily News’ old printing press building. NBBJ is designing the project, which is bounded by Coffey, Ferris and Wolcott Streets and the waterfront. It will also include a waterfront promenade. Altogether it will have 1.1 million square feet of office space.
Click through to see more renderings of the office development. What do you think of the design?
As anyone strolling the streets of Brooklyn might guess from the frenzied pace of building in the borough, commercial real estate in Brooklyn has reached new heights. Institutional investors, big players previously interested only in Manhattan, are now buying and selling in the borough, and the dollar volume of commercial sales in the first six months of this year is nearing the numbers for the entire year of 2013, according to a story in The Real Deal. It’s the “Manhattanization of the investment sales market,” according to a Massey Knakal executive quoted by the paper.
The number of deals increased dramatically in the first six months, with the dollar volume of deals completed equal to $3,400,000,000 — vs. $3,800,000,000 for all of 2013, according to numbers from Massey Knakal quoted in the story. There were 1,086 commercial sales in Brooklyn in the first six months of this year, an increase of 14 percent over the same period in 2013.
Not surprisingly, most of the activity was in Williamsburg, where 31 development sites traded hands in the first six months. But, surprisingly, Bed Stuy was hot on its heels, with 27 sites changing hands. Greenpoint hit third place, and Crown Heights was fourth, with 18 deals.
The average price of a deal was $3,000,000, according to TerraCRG. But there were some big sales above $30,000,000 — TerraCRG estimates 25 or 30 such deals will have closed during the first six months of the year. (In 2011, there were only three deals above $30,000,000.)
The sale of a stake in Atlantic Yards to Greenland and Fort Greene’s 470 Vanderbilt topped the list of the borough’s biggest deals — click through to the story to see the 10 biggest. Sales are still booming, according to sources, but running out of property or new restrictions concerning tax abatements or inclusionary housing could put a damper on the market, said The Real Deal.
One thing developers are not worried about is rising interest rates. “There is still so much money out there. The market will continue. I don’t think there are any clouds on the horizon,” investor Stephen Steiner of Stratus Capital Advisors told the paper.
Another Brooklyn gas station has been snapped up for development, this one in Clinton Hill. A developer, The Daten Group, bought 840 Fulton Street, at the corner of Vanderbilt Avenue, for $7,400,000 on September 30, according to the Commercial Observer.
The firm plans to build a seven-story mixed-income rental building. The 40,000-square-foot development will have 38 apartments, 20 percent of which will be affordable. There will be 5,000 square feet of retail in the project, which is scheduled to begin construction in March 2015 and finish two years later. KBA Architects will design the building, which will cost approximately $20,000,000 to build, said the story. The Daten Group’s management company, Vibe Living, will manage and market the rentals, and Douglas Elliman will handle the initial leasing campaign.
The deal included 3,464 square feet of air rights from a neighboring property at 848 Fulton Street, which is a four-story building with apartments and a Thai restaurant on the ground floor. The sale has not yet hit public records. The developer hasn’t filed any demolition or new building applications yet either.
A now-vacant lot at 359 7th Street in Park Slope just sold for $1,860,000, or $453 per buildable square foot. The sale was brokered by Ariel Property Advisors, which said in a release that the price per buildable square foot was a record for the neighborhood. The unnamed buyer plans condos, said Ariel. The 20.5 foot wide, 100 foot deep lot can accommodate a 4,100 square foot building.
The previous owner, an LLC, bought the site in August of 2012 for $1,250,000. At the time the lot had was home to a frame house built sometime before 1899. The application to demolish the building was approved in December of that year. The transaction has not yet hit public records. Click through to see a photo of the frame house that was torn down.
Photo above by Google Maps; photo below by Nicholas Strini for PropertyShark (more…)
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.
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.
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.
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?
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 $1,450,000. GMAP
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.
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…)
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…)