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…)
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…)
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?
The sale of the big Nassau Brewery site at 608-614 Franklin Avenue in Crown Heights closed last week. The buyer, an LLC named 608 Franklin Avenue, paid $17,500,000, or $231 per buildable square foot, The Real Deal reported. (more…)
A little gray wood frame house sandwiched between tall apartment buildings at 1191 Ocean Avenue in Flatbush has sold as a development site for $2,250,000. The 42.5-by-100-foot lot was on the market for less than four months and went $300,000 above ask, according to real estate firm TerraCRG, which brokered the sale.
Plans to replace the turn-of-the-last-century two-story house with a seven-story, 26-unit building have already been approved. A schematic can be seen on TerraCRG’s website. The property is located between Farragut Road and Glenwood Road close to Brooklyn College. It was delivered vacant. A demo permit was approved in May.
Nonprofit SCO Family Services has put its three-story office building at 570 Fulton Street in Fort Greene up for sale, according to Crain’s and TerraCRG. The 26,388-square-foot building has 71,920 square feet of development rights for commercial or residential, or up to 86,300 square feet with an inclusionary housing bonus. (more…)
More details have emerged about Macy’s plans for its downtown Brooklyn store and parking garage. The retailer, Federated Department Stores, is shopping around both in the form of a request for proposals from developers, The Real Deal reported.
CBRE is marketing the two buildings. The request for proposals asks developers to build a new 300,000-square-foot Macy’s on the property or rehabilitate the old store plus include a 25,000-square-foot Bloomingdale’s Outlet store, both with frontage on Fulton Street. (more…)
An old ship-engine repair building in Red Hook will be renovated and turned into store and office space for “creative office and retail tenants,” The New York Observer reported. LIVWRK, the real estate investment and development firm that is also a partner with Kushner Companies and RFR Realty in transforming the Watchtower printing plant buildings into office space for creative and tech companies in Dumbo, bought the building Tuesday for $21,500,000. (more…)
Multi-family buildings are selling like crazy throughout Brooklyn, and the biggest growth is happening in the rapidly gentrifying neighborhoods of Crown Heights, Bed Stuy and Bushwick, according to a report from Ariel Property Advisors highlighted by The Real Deal. In those three neighborhoods alone, 252 properties were sold in 170 transactions totaling nearly $710,000,000. Sales in Crown Heights, Bed Stuy and Bushwick made up a quarter of all the borough’s investment transactions. (more…)
A tipster tells us that a three-story multifamily at 71 Stuyvesant Avenue in Bed Stuy has sold for $3,800,000, setting a new record for multifamily buildings in the neighborhood. The property last changed hands for $540,000 in 2010, after selling at a foreclosure auction a few months before, according to public records. The 6,200-square-foot apartment house has 12 units and sits near the corner of Stuyvesant and Dekalb Avenues. Until now, the most expensive multifamily sale was 281 Tompkins Avenue, which sold for $3,300,000 in January 2013.
A percentage of the huge and hotly debated Rheingold Brewery development site in Bushwick has just sold for $11,250,000, according to public records. The collection of nearly 50 commercial properties includes the former brewery at 930 Flushing, as well as a long list of small adjacent commercial properties on Stanwix Street, Melrose Street, Monteith Street, and Flushing and Bushwick avenues. The buyer is RP Acquisitions LLC, which we’re guessing is an arm of Read Property, the developer that already owns the site. The deed transfers 12.5 percent of the property to this LLC, which explains the low sale price. (more…)
Dixon is no longer buying only houses in Brooklyn but has moved into large apartment buildings in a huge way, snapping up at least $40,000,000 worth of commercial property in Brooklyn in one month, according to public records and sources.
In June, working with partner Excelsior Equities, Dixon acquired 442-446 Decatur Street, pictured above, 263-265 Linden Street, 255-261 Linden Street, 770 St. Marks Avenue, 637 St. Marks Avenue, 24-30 Rogers Avenue, and 75 MacDonough Street, all in Bed Stuy, Bushwick and Crown Heights.
The change in strategy allows Dixon to rapidly increase the scale of its operations, to buy at a bigger discount, and will also give the company cash flow to service debt, a source who preferred to remain anonymous told us. “If they buy bigger properties, it gives them more scale and they can get a discount due to rent stabilization,” he said. (more…)