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Salvation Army is selling off another Brooklyn building. The former warehouse and stable at 22 Quincy Street is in contract as of yesterday, for an amount around $30,000,000, we hear. The ask was about that, and there were multiple bidders.

As far as we know, it is an off-market transaction. The buyer was not revealed.

Given the price, it will likely be made over into a residential building, our source speculated, despite its enormous footprint and relative lack of windows. The building is 70,158 square feet and is over FAR, so demolition is unlikely. It is not landmarked. (more…)

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A large development site at 100 Union Avenue, south of Broadway in Williamsburg’s Broadway Triangle, sold last week for $6,000,000, a spokeswoman for brokerage firm TerraCRG told us. The 10,453 square-foot lot is currently occupied by Knight’s Towing and Collision. The buyers, Adam America, Slate Property Group and Naveh Schuster Limited, plan to build rental apartments with ground floor retail.

The same developers also bought neighboring 120 Union Avenue in September of 2014 for $15,000,000, where they plan to build a 100-unit rental building with about 2,000 square feet of retail on the ground floor. Both lots were initially marketed together but the sellers decided to wait longer on the second lot so they could continue operating their towing business, according to TerraCRG.

If the developers choose to include affordable housing at one or both sites, they could build up to 130,000 square feet on the sites combined. TerraCRG represented the sellers.

Click through for an aerial view of the lot.

Rendering for Six-Story Apartment Building Coming to Broadway Towing [Brownstoner]
Photos via TerraCRG
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Former US Senator and Secretary of State Hillary Clinton has chosen Brooklyn as home base for her campaign for the presidency. Although she has yet to announce her official candidacy, her team just leased two full floors at 1 Pierrepont Plaza in Brooklyn Heights.

The move, which was first reported by Politico, follows months of speculation about where Clinton would base her campaign.

Her new neighbors include the U.S. attorney for the Eastern District of New York and a branch of Morgan Stanley. Forest City Ratner is the landlord.

Photo by 1 Pierrepont Plaza

Schermerhorn Street Facade

Adam America is the new developer of the 21-story tower planned for an empty lot at 319 Schermerhorn Street in Downtown Brooklyn. The developer bought the development site from SC Nevins for an undisclosed price, reported Crain’s.

The brick building will be condos, Crain’s revealed. Construction has not yet started but could kick off any day because the permits and plans are already approved.

Plans call for 61 units — with one, two or three bedrooms — ranging from 650 square feet to 1,195 square feet, as we’ve reported before. Incorporated is the architect.

The development joins a few others in the vicinity offering condos, such as 388 Bridge Street, The Boerum at 265 State Street and on 4th Avenue, although rentals are much more typical in the borough. Click through for lots more renderings, including interiors.

Adam America Plans 21-Story Condo in Downtown Brooklyn [Crain's]
319 Schermerhorn Street Coverage [Brownstoner]
Renderings by Incorporated

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420 albee square downtown brooklyn

The tall tower JEMB Realty is developing at 420 Albee Square in Downtown Brooklyn will be a mere 35 stories instead of 65, according to the latest permit filings, first spied by New York YIMBY. Meanwhile, we see the developer just closed on an adjacent site with a historically significant building on it and is planning a demolition.

An old three-story 19th century wood frame building at 233 Duffield Street is one of three historic stops on the Underground Railroad on the block the Landmarks Preservation Commission tried to save from demolition back in 2007, as we reported at the time. (more…)

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Developer Hudson Companies is on a tear through East Flatbush, buying up more property on a block where it’s already planning an eight-story, 170-unit apartment building. The developer, which of course is behind the 23-story tower on Flatbush Avenue a few blocks from here in Prospect Lefferts Gardens, recently picked up 318, 324, 326 and 350 Clarkson Avenue for $13,119,997, according to public records.

The new parcel is contiguous with its previous acquisition, so potentially Hudson could be planning a huge development here. (more…)

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A low-slung Bed Stuy warehouse with development potential at the corner of Gates and Bedford avenues just sold for $4,500,000, according to public records. The 7,500-square-foot property at 322 Gates Avenue is currently home to a wholesale beverage distributor.

Zoning would allow a developer to build up to 22,500 square feet on the site, according to PropertyShark. Overall, it seems like a good location for a residential building with ground floor retail. The buyer is an LLC that shares a Flatbush address with real estate firm S&C Realty. GMAP

Photo by Christopher Bride for PropertyShark

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We read with great interest in the Daily News that prices are so high now in Bed Stuy, investors are fleeing the area, which means it’s going to be easier for regular people — that is, owner-occupants — to buy there. The story didn’t quote any actual investors, though, so we spoke to a few.

Their take? We are entering the next stage of gentrification and prices are still increasing. Investors are not pulling back, and properties are not sitting on the market. (One source we spoke to had just sold one $2,100,000 property a few weeks ago and has a closing date for another $1,850,000 property next week. A commercial broker was prepping for a Bed Stuy closing later this morning.) But buyers are getting smarter, said one.

Here are a few representative quotes:

“The real story is that owners/brokers are pricing things 30 to 40 percent higher year over year so they aren’t selling! But anything that’s about 10 to 15 percent higher then 12 months ago sells like fire. Prices are still up 20 percent year over year on any asset type!”

“There are bidding wars on every house! Investors didn’t pull back! It’s the opposite! End users became savvy and are bidding on houses that are in the need of work!

“Bed Stuy has a bigger pool of buyers for all asset classes than ever before.”

And here is what Alan Dixon, head of one of the biggest Bed Stuy investors, had to say. (Dixon is Managing Director and CEO of Dixon Advisory USA. Part of a publicly traded Australian company, Dixon buys, renovates, and holds to lease out, not flip.) (more…)

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A long-shuttered factory and lot at 1725 St Marks Avenue, between Eastern Parkway and East New York Avenue in Ocean Hill, sold for $2,200,000 last month, according to public records. That’s about twice what we would expect.

It’s a large lot, nearly 7,000 square feet, but the property has a FAR of 1 and is only zoned for manufacturing. (The existing building is 1.39 over FAR, also.) About a year ago, small residential lots in Ocean Hill on the other side of Atlantic were trading around $180 per square foot. This sale price works out to about $314 a square foot.

Prices have been rising all across the borough, of course, and this property sits right next to the boundaries of de Blasio’s proposed East New York rezoning plan. If that goes through, it will turn nearby commercial-only spaces into mixed-use residential and possibly add as many as 7,000 apartments in the area, as we reported last month.

Signatures on the deeds show the buyer is an LLC managed by local investor Zalmen Wagschal. GMAP

Image via Google Maps

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The industrial warehouse at 29 Ryerson across from the Navy Yard in Wallabout has changed hands yet again, nearly doubling in price. Madison Realty Capital paid $45,000,000 for the storage facility, according to The Real Deal. The previous owner, 11-45 Ryerson LLC, now revealed to be headed up by real estate investor Chaim Miller, bought it in 2013 for $26,400,000.

It sounds like plans to redevelop the property into offices focused on tech tenants with retail below have not changed. “We are planning on renovating and bringing it to the level that a tech tenant would demand,” a Madison exec told The Real Deal. At one time, former owners planned to turn it into a hotel with a rooftop bar. Madison is also developing two large mixed-use apartment buildings nearby at 490 and 504 Myrtle Avenue, as the story noted.

Madison Buys Brooklyn Warehouse for $45 Million From Chaim Miller [TRD]
29 Ryerson Coverage [Brownstoner] GMAP