colony 1209 bushwick 062014 bushwick daily

Spruce Capital Partners wants to flip the recently opened Colony 1209 in Bushwick, asking $81,500,000 for the five-story luxury rental building at 1209 Dekalb Avenue, according to The New York Observer. Spruce bought the 127-unit development in April from developer Read Property Group for $58,000,000. Rents are high for Bushwick, ranging from $1,775 for a studio to $2,975 for a two-bedroom at Colony, where amenities include a “speakeasy,” a gym, screening room, common roof terrace and a shared backyard.

The building’s marketing team has caught some flak for the name of the building and its marketing copy, which bills the development as “homesteading, Bushwick-style” and a place where one can find “like-minded settlers.” The building is located in an area of Bushwick that has been densely residential for more than 100 years, and is lined with 19th century row houses and mansions, not a “vibrant industrial setting,” as the copy claims. Massey Knakal is marketing the 120,000-square-foot building, which has 41 parking spaces and 12 years left on a 421-a tax abatement.

Controversial Bushwick Rental Building Hits the Market for $81.5 Million [NYO] GMAP
1209 Dekalb Avenue Coverage [Brownstoner]
Image via Bushwick Daily

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Manhattan investment firm Sugar Hill Capital agreed to buy 1 Prospect Park West, the assisted living facility in Park Slope, for $76,000,000 in January and is now suing the owner for not forcing out elderly tenants fast enough, according to The Brooklyn Paper.

The senior home is embroiled in lawsuits related to the closure and prior lawsuits alleging poor treatment and operating without a license. The owner bought the property, which sits in a prime spot in Park Slope overlooking Prospect Park, for $40,000,000 in 2006.

An attorney for the wrongful death suit concerning Slave Theater owner Judge John Phillips accused the owner of trying to keep Sugar Hill’s $7,000,000 deposit and sell to someone else. Most recently the assisted living facility has been accused of violating a court order to provide services to remaining residents.

Prospect Park Residence Selling for $76 Million [BK Paper]
1 Prospect Park West Coverage [Brownstoner]
Photo by Nicholas Strini for PropertyShark

67 havemeyer street williamsburg 112014

Hedge fund CEO Harsh Padia has snagged a big one-story factory at 67 Havemeyer Street in Williamsburg for $8,850,000, according to public records. The 50-by-140 foot lot could accommodate a residential building as large as six stories and 23,760 square feet under the current zoning, according to PropertyShark. Instead, Padia is planning a four-story, one-family house, according to new building applications filed earlier this month.

The DOB disapproved plans for the 2,600-square-foot house yesterday, and demolition permits have not yet been filed to knock down the existing building, which is home to a printing company. The site is L-shaped and sits at the corner of Havemeyer and North 6th, less than a block from the BQE.

Padia is the head of hedge fund HAP Capital, and his wife, Purvi Padia, is an interior designer. If the plans go through, we expect they will have some very nice outdoor space on this big lot. The applicant of record is Schneider Associates. This will be an interesting one to watch.

Photo by Christopher Bride for PropertyShark

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Listings have gone up for four new-construction red brick townhouses at 274-280 Hawthorne Street in Prospect Lefferts Gardens, and they range in price from $1,495,000 to $1,695,000. The least expensive of the bunch, 278 Hawthorne Street, is already in contract, according to the listing. Contracts have been sent out on two others, leaving only the most expensive one, No. 274, according to a commenter on Curbed, which was the first to write about the listings.

At $1,495,000, the price of No. 278 is competitive with a 19th century house in the neighborhood in tip-top condition, but the other three are more expensive. All the houses have three units: An owner’s garden duplex (or triplex, if you count cellar space) that takes up one and a half floors, a half-floor one-bedroom rental, and a top floor three-bedroom rental. There is also outdoor space with each unit and parking for two cars in front.

We think the simple and modern design inside and out is easy on the eyes and fits in reasonably well with the neighborhood. Click through to see more pics. What do you think of the design and the prices?

274 Hawthorne Street Listing [Corcoran]
New Lefferts Garden Houses Drop Terrible Name, Ask $1.5M-Plus [Curbed]
Images by Corcoran

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510 driggs avenue williamsburg rendering 102014

The long-stalled apartment development turned parking lot at 510 Driggs Avenue in Williamsburg sold for $25,000,000 in September, according to public records. Last month, we published this rendering for the site designed by ODA Architecture, which apparently cannot get enough of unevenly stacked boxes.

The buyer is developer DHA Capital, according to the deed. Curiously, Crain’s reported in September that a different developer, Alliance Private Capital Group, said it had purchased the site for $35,000,000.

A development as large as 70,0000 square feet could be built on the property between North 8th and North 9th streets. That works out to $357 a buildable square foot for the DHA deal, or $500 a buildable square foot for Alliance — which would be one of the highest prices ever paid for a Williamsburg development site, according to Crain’s.

ODA Releases Cube-Happy Design to Maximize Light, Air in Williamsburg Building [Brownstoner] GMAP

Rendering by ODA Architecture

185 Flatbush Ave rendering

A Mobil gas station at 185 Flatbush Avenue Extension in Downtown Brooklyn is now on the market and asking $27,000,000, which shakes out to $425 per buildable square foot, Crain’s reported. Zoning allows a building as large as 63,400 square feet on the triangular site bounded by Johnson and Gold streets. With an affordable housing bonus, a development could be up to 76,000 square feet and house 75 apartments.

Any developer who purchased it would likely build condos or a hotel to justify the asking price, Crain’s pointed out. Most likely a developer would have to decontaminate the site as well before starting construction. CPEX, which is marketing the property, included the rendering above to show what a potential development there could look like.

The 6,300-square-foot plot, which is across the street from the Oro condos at 306 Gold Street, last changed hands for $604,918 in 2011, according to public records. So this is quite a leap.

Downtown Brooklyn Mobil Station Hits Market at $27 Million [Crain's]
Rendering by Montroy Andersen Demarco via Crain’s

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After listings went up for 345 Carroll Street in Gowanus in September, the still-under-construction luxury building is already 40 percent sold out, according to Curbed. Asking prices for the 32 units at the old Regency Carts site start at $1,645,000 for a two-bedroom, two-bath and go up as high as $2,950,000 for a four-bedroom, three-bath, as reported.

We’re not sure if the building is in the flood zone, but it’s extremely luxurious, with seven penthouses, six garden duplexes, a wildflower meadow, bocce courts, vegetable plots, a dog washing station, and rooftop cabanas for purchase. The developer is Sterling Equities and the architect is Gluck+.

345 Carroll Street 40 Percent Sold Out [Curbed]
Regency Carts Coverage [Brownstoner]
Rendering by Gluck+

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Developer Madison Realty Capital has snapped up a factory in Clinton Hill for $23,500,000, and may be planning rentals or condos. Although the building at 551 Waverly Avenue is on one of those industrial looking blocks between Fulton and Atlantic near Hot Bird, it’s zoned for residential. The firm hasn’t yet revealed its plans, according to The Real Deal and The New York Daily News, which both wrote about the sale. The current tenant is a 68-year-old kosher bakery that has occupied the building for more than a decade, said the Daily News.

The three-story building (which looks like two) has about 43,000 square feet, but more than 90,000 square feet would be allowed. It dates from 1915, according to city records. It has 90 feet of frontage on the street, so we could imagine stores on the ground floor would work.

Do you think this sale will start a transformation of this corner of Clinton Hill into apartment buildings?

Real Estate Developer Buys Beloved Clinton Hill Kosher Bakery for $23.5 Million [NY Daily News]
Madison Realty Capital Buys Brooklyn Factory Site for $23.5 Million [TRD] GMAP
Photo by Christopher Bride for PropertyShark

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Actress Anne Hathaway has sold her ninth-floor condo in Dumbo’s Clocktower building for $4,330,000. The buyer is a film producer who already lived in the building and just sold a smaller apartment on a lower floor for $1,900,000 to an LLC two weeks earlier, The New York Post reported. (She still owns another apartment in the building, No. 12A.)

The most recent asking price for Hathaway’s unit, 9B, at 1 Main Street was $4,250,000; at one time the condo was asking $4,500,000. Hathaway purchased the apartment through an LLC in 2013 for $4,100,000, city records show.

Anne Hathaway Sells Clocktower Apartment for $4.33 Million [NY Post]

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A listing has just gone up for one of the three townhouses created out of the landmarked 1902 Dudley Memorial medical building on Amity Street in Cobble Hill. The conversion has been in the works since 2007, and the townhouse at 118 Amity Street is asking $7,795,000.

That princely sum will get you a vertical slice of the French Renaissance palace-style building on its own tax lot, a side yard, and more than 6,000 square feet of interior space. There are five bedrooms, a wine cellar, a roof terrace with a hot tub, and lots of other high end features.

In 2012, Brown Harris Stevens put up a listing for a townhouse in the building with the price of $3,850,000 and the address of 355 Henry. We published the renderings for that sale and they look quite different. As far as we know, it is not in contract.

But the timing of this sale may be unfortunate — will the new owners be able to enjoy the hot tub and other amenities while development proceeds on the opposite corner at Long Island College Hospital?

118 Amity Street [Heights Realty Advisors]
118 Amity Street Listing [Official]
A Peek at Interior Plans for Amity Street Mansion [Brownstoner] (more…)

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Yesterday the State Attorney General Eric Schneiderman and State Comptroller Thomas DiNapoli signed off on SUNY’s plan to sell Cobble Hill’s Long Island College Hospital to developer Fortis Property Group, Brooklyn Heights Blog reported. The approval came two days after a march during which local politicians and community groups called on the attorney general and the comptroller to investigate the deal, which they said appeared to be rigged.

“What happened to the Othmer Endowment money? Was the bidding process legal and appropriate? At so many points it appeared rigged, there’s no other word for it,” Brooklyn Eagle quoted City Council Member Brad Lander as saying. “Officials have written to Attorney General Schneiderman and Comptroller DiNapoli. We’re asking the Attorney General and the Comptroller to thoroughly investigate these questions.”

Many questions about the deal remain, said the Eagle.

State Officials Approve LICH Sale to Fortis [BHB]
State AG and Comptroller Sign off on LICH Sale to Fortis [Eagle]

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Incredibly, more than 50 percent of the apartments at ultra-luxury Red Hook condo building 160 Imlay are in contract less than a month after sales launched. Construction on the conversion of the warehouse started in June, and is expected to wrap in 2016. On the first of this month, listings went up for 10 units, and now there are 49 units listed on StreetEasy, all of which are in contract. The building has 70 units altogether but no available units are listed online. BuzzBuzzHome was the first to report on the sales.

Prices range from $862,875 for an 885-square-foot one-bedroom to $5,397,840 for an 3,831 square foot one-bedroom. (There are also studios, two-bedrooms and three-bedroom units.) Est4te Four is the developer and Aldo Andreoli of AA Studio is the designer. The interiors preserve some of the industrial details of the warehouse, which was one of the first cast-in-place concrete buildings, such as concrete beams and high ceilings. The units feature extra-large triple-paned windows to take advantage of the views. There are wide plank oak floors, white matte lacquer Italian kitchens, and appliances by Miele. Douglas Elliman is handling the sales. The building is in the flood zone.

Any theories as to why these are going so fast?

160 Imlay Website [160 Imlay]  GMAP
New York Dock Building Conversion 160 Imlay Is Selling Fast [BBH]
Listings Go up for Red Hook Conversion [Brownstoner]
Rendering via Douglas Elliman