Real estate developer and New York Observer owner Jared Kushner has bought a Williamsburg rental building at 50 North 1st for $33,800,000, The Real Deal reported. The seven-story, 46-unit building was previously owned by a partnership between Property Markets Group and Largo Investments, which bought the building in 2011 for $10,490,000. PMG bought the building from the bank after the initial developer, Israel Gold, defaulted. DOB violations and other construction issues had stalled construction for years, and in 2009, a partial building collapse at the construction site forced an evacuation at the building next door.
Construction at the 54,699-square-foot building dragged on for five years until it finally wrapped in 2012. The developer released six rental units in May and another 12 have followed since then. The apartments were one- and two-bedrooms priced from $3,175 to $4,325 a month.
Kushner, who is married to Ivanka Trump, has been expanding into Brooklyn. In October, Kushner Companies partnered with two others to purchase a huge parcel of five former Witnesses properties in Dumbo for $375,000,000.
The Highcap Group is marketing a 47,000-square-foot building at 25 Jay Street in Dumbo and asking $34,500,000, according to a press release. The five-story, mixed-use building at the corner of Jay and John Streets has 29 apartments and five ground-floor commercial spaces. One of the ground-floor tenants is the coffee shop and roasters Brooklyn Roasting Company. The property comes with approved plans for a 15,000-square-foot rooftop addition that could fit 15 more apartments. And the building has 150 feet of frontage on John Street and is right near the waterfront. It appears that the current owners, an LLC with a Greenpoint address, purchased the building for an undisclosed amount in 1999, according to PropertyShark.
An old factory at 80 Richards Street in Red Hook will soon become an office building with possible commercial space, according to brokers marketing the property. The massive six-story building has 50,000 square feet on the ground floor and 20,000 on each of the upper floors, and a rooftop that could become a cafe. An outfit called HH Equities bought the 134,000-square-foot factory in 2003 for $9,000,000, according to PropertyShark. The owners are offering a variety of concessions to attract potential tenants, including one year free rent, building the space to suit, etc. Commercial Acquisitions Realty, which is marketing the building for lease, tells us the owners hope to host “business corporations, young entrepreneurs, artists and fashion and media companies.” Construction is expected to begin in the next month.
It’s been about a year and a half since we teamed up with BFC Partners and Goldman Sachs’ Urban Investment Group to buy the old Studebaker Service Station at 1000 Dean Street in Crown Heights and convert it into office and studio space. Construction’s been under way since May 2012. We began preleasing office space at the end of the summer and already have a number of leases, mostly for spaces in the 1,000- to 4,000-square-foot range, signed and in the works.
The renovation is almost done and we are targeting a January occupancy so we thought it would be a fun time to show some updated photos of the project. (We’ve also included a couple of photos on the jump of the Brooklyn Flea beer hall under construction on the Bergen Street side of the property.)
If you are in the market for Brooklyn office space, there are still plenty of smaller units available on the second and third floors (like this listing and this listing) and up to 35,000 per floor on the ground floor and fourth floor. Please contact Chris Havens of aptsandlofts.com at email@example.com for more information or to arrange a viewing. (more…)
A group of 18 properties in Ditmas Park Kensington called the Coney Island Portfolio is for sale for $40,000,000. The lots are located on one block between Coney Island Avenue, Cortelyou Road, East 9th Street and Ditmas Avenue, with most of the lots fronting Coney Island Avenue.
Just six blocks away from the Q train and close to a commercial strip on Cortelyou, “this portfolio presents significant development potential,” said Massey Knakal, which is marketing the parcel.
The properties include mixed-use buildings, multi-family walkups, garages, warehouses, empty lots and parking lots. The size of all the lots put together equals about 78,011 square feet. (The ask is about $513 per square foot.) There are 135,000 buildable square feet for commercial purposes, plus 298,000 buildable square feet for community facilities. The Real Deal was the first to report the offering.
Heritage Equities filed plans today with the New York City Department of Buildings to construct a 400,000-square-foot office building at 19 Kent Avenue for creative, tech and community facilities. The 80,000-square-foot full-block site (bounded by North 12th, North 13th, Kent and Wythe) sits within two blocks of the Wythe Hotel, Brooklyn Bowl and the Brooklyn Brewery and several new and pending hotels and, as far as we can tell, will be the first spec built office building to be built in Brooklyn since before World War II. Chris Havens of aptsandlofts.com, the broker for the project, tells us that renderings and further details will be available early next year. GMAP
A developer plans to renovate and add on to a mostly empty large, mixed-use property on the corner of 5th Avenue and 19th Street in South Slope, according to CPEX, which brokered the property’s recent sale. CS Management bought 657-665A 5th Avenue for $8,500,000.
The one tax lot includes four three-story, 3,000-square-foot mixed-use buildings as well as one three-story loft building. Together they offer 30,500 square feet of space and come with approximately 7,500 square feet of air rights. The developer plans to build an additional 7,500 square feet of apartments.
The property sold for $369 per square foot, or $278 per buildable square foot.
“With scant opportunity for development in Park Slope proper, demand for properties in the South Slope/Greenwood Heights market has increased,” said CPEX Managing Director Sean Kelly in a prepared statement. What would you like to see come in here?
A group of buildings in East Williamsburg is for sale for $42,000,000. The broker is Massey Knakal Realty Services. Together, they total 72,333 square feet with 66 apartments and four retail spaces in new construction or newly renovated buildings. At least two of the buildings appear to be owned by the same LLC. They all changed hands in 2010 and 2011 for a total of $16,570,000. They are not next to each other, but within a few blocks of each other in East Williamsburg. The addresses are 484 Humboldt Street, pictured above, 64-68 Maspeth Avenue, and 65 Maspeth Avenue.
The Jehovah’s Witnesses have already unloaded a huge number of properties in Dumbo and Brooklyn Heights — 17, to be exact — but believe it or not, there are still 16 properties left to sell. The Brooklyn Eagle has compiled an exhaustive list:
*Five buildings on the waterfront: 25, 30, 50 and 58 Columbia Heights and 55 Furman Street. No. 25 is pictured above, along with a glimpse of No. 50.
*A vacant lot at 67 Furman Street.
*A vacant lot at 1 York Street
*Another vacant lot at 85 Jay Street
*A massive cluster of buildings at 97, 107, 119 and 124 Columbia Heights in Brooklyn Heights.
*Also in the Heights, turreted 21 Clark Street, a once-time hotel.
*Two small buildings at 80 and 86 Willow Street.
*Another hotel, at 90 Sands Street, which Kushner and RFR are already in contract to buy, although the Witnesses plan to remain there until 2017.
Real estate execs told the paper the market for Brooklyn property is “super hot” and they expect competition to be “huge” for the properties. A Witnesses exec gave no timetable for the sales.
After changing hands in May for $4,280,000, the two-unit commercial building at 405 State Street in Boerum Hill that previously housed substance abuse treatment center Daytop is again for sale. This time the ask is $7,100,000.
With its distinctive facade with three arches across the entry and unusual ground-floor windows, the three-story building has potential as a condo or rental conversion and could accommodate street-level retail as well as offices.
The building has approximately 11,627 square feet of space above grade, plus a fully built out basement that’s about 4,377 square feet. That works out to about $440 per square foot, according to Massey Knakal, which is again brokering the sale.
We don’t know if the building was really built in 1925 as city records claim or is older, but in 1938 it contained 18 apartments for women and in the 1960s was a training center for the YMCA, according to some old CofOs. The lot is 50 feet by 118 feet wide, and the property has a FAR of 2.
Real estate developer Jared Kushner, RFR Realty and LIVWRK Holdings closed Tuesday on five huge Witnesses buildings in Dumbo, and the Wall Street Journal ran a story saying the redevelopment of the properties will transform the Dumbo neighborhood. Kushner said they intend to convert the buildings, once mostly a printing plant for the Witnesses, into a “hub for technology companies.”
The $375,000,000 parcel is 1.2 million square feet, and can offer “bigger and pricier spaces aimed at more mature companies than most in the neighborhood,” said the story. The addresses are 117 Adams Street, 77 Sands Street, 175 Pearl Street, 55 Prospect Street and 81 Prospect Street. The WSJ thinks Dumbo, already the most expensive residential section of Brooklyn and a busy hive of creative firms such as architects and tech startups, will become “a high-profile office destination that competes with neighborhoods like Flatiron and Chelsea.”
Rents are expected to be in the mid-$50s per square foot. That’s about double the going rate for Dumbo now, but still less than Manhattan. The buyers plan to spend about $100 million renovating the buildings. Any conversion of the properties to residential use would require approval from the City Council. The renovation will include parking for as many as 5,000 bikes, outdoor roof space, and 150,000 square feet of retail space for mostly Brooklyn-based companies, said the story. The group also hopes to add pedestrian plazas. LIVWRK Holdings is a new real estate firm started by former Two Trees executive Asher Abehsera.
Two commercial units at Toren, the 38-story condo building with a distinctive undulating facade at Myrtle and Flatbush in downtown Brooklyn, have sold for a total of $9,000,000, according to commercial brokerage TerraCRG, which handled both transactions. Both units are condos, unusual in downtown Brooklyn, where most new-construction buildings are rentals. The buyers were not named.
The 11,000 square-foot ground floor retail space, currently occupied by Metropolitan City Market, sold for $6,750,000 million, or $614 a square foot. The three-level, 21,780-square-foot parking garage sold for $2,250,000, or $103 a foot. The garage has an operator and accommodates 97 parking spaces. That comes out to $23,000 per parking spot.