Lightstone Sells Gowanus Development

Lightstone Group has just sold part of its enormous Gowanus luxury rental development to New Jersey-based developer Atlantic Realty Development for $75,000,000, according to public records, The Real Deal reported. Construction along the Gowanus Canal’s shore at the two-block site on 363-365 Bond Street has been topped out for sometime.

Atlantic Realty will be partnering with Lightstone in “finishing this community,” according to an Atlantic spokesperson who spoke with The Real Deal. The newly involved development firm has acquired a 12-story, 268-unit section of the 363 Bond Street development.


126 Hancock Street7

The luxurious, Neo-Grec townhouse at 126 Hancock Street in Bed Stuy has been snapped up for $2,950,000. The broker, Peter Gordenstein of Corcoran, just revealed the sale to Brownstoner, which closed Monday, adding, “This is the highest price for a townhouse in Bed Stuy to date!”

The price falls just short of the $3,000,000 paid for the five-story 242 Gates Avenue last year. But it’s still a significant fee for a home in the area, which has seen a steep increase in prices in the past several years.

Records indicate that the sellers, developers Sam Stern and Casey Schear, bought the home in 2012 for just $360,000. According to Gordenstein, the pair then spent the next two years renovating the four-story home.


Bushwick Mural House 140 Central Avenue

Bushwick’s mural-covered house at 104 Central Avenue, which seems to have launched a trend of colorful facades in Bushwick, has been sold as a development site and will be razed. The sale closed last week for $1,285,000 but has not yet hit public records.

Seller and local business owner Jeremy Sapienza was fed up with Bushwick and saw opportunity in soaring property values. He and partner Luis Velazquez plan to close the last of their two Florida-style Bushwick cafes Sunday, they announced via Facebook Wednesday.

“We’re closing because I haven’t made a dime in two years, Bushwick is a nightmare on earth full of obnoxious yuppie brats, and I’m tired. Maybe that’s not a nice angle, haha,” Sapienza told Brownstoner. (more…)


In July, a Brownstoner reader tipped us off to the sale of the final Puccio Marble & Onyx building at 661 Driggs Avenue in Williamsburg. The source, who asked to remain anonymous, said the building sold “for a ridiculous amount of money.”

Indeed, public records now show that the buyer of the two-story commercial structure, Brooklyn Rose LLC, paid $5,666,376 to two members of the Puccio family last month. While it’s certainly not a high price in absolute dollars, it’s up there in price per square foot: $1,049.32.



Following a 16-month ban from selling condos after allegedly filing false paperwork for a condominium project in Harlem, developer Shiraz Sanjana, of the Sanjana real estate family, has purchased a corner property at 695-705 6th Avenue in Greenwood Heights for $9,900,000 from Yeshiva Machzikei Hadas, which currently owns a one-story school on the lot.

Sanjana plans to develop  a multistory, 34,8000-square-foot condo on the site, according to the Daily News (who’d have you believe the address, on 21st Street, one block from Green Wood Cemetery, is still South Slope).



Photo by Nicholas Strini for PropertyShark

Downtown Brooklyn will soon get a thoroughly modern Macy’s. The department store and commercial real estate firm Tishman Speyer announced a $270,000,000 deal Wednesday that will let Macy’s downsize, remodel and take cash out of its antiquated real estate holdings downtown.

Thankfully, the historic building at 422 Fulton Street will not be sporting a giant condo tower on its roof anytime soon. And Macy’s will continue to own and operate the first four floors and the lower level as a store.



Brooklyn’s tallest tower has some serious competition in the works. Ava DoBro topped out earlier this year at 595 feet, but a tower nearly twice its size may be brewing for a lot just a block from the residential high rise, Crain’s reports.

Developer Michael Stern — he of the 1,400-foot-tall (and we mean tall) tower rising at 111 West 57th Street on Manhattan’s Billionaires’ Row — just made a $90,000,000 deal with developer pal Joe Chetrit of Chetrit Group to purchase the former Dime Savings Bank of New York at 9 Dekalb Avenue. The building is lovely. But no one thinks that Stern and Chetrit are in it for the classical architecture.

Buying the building comes with 300,000 square feet of air rights which would enable the duo to build a 600,000 square foot tower on an adjacent site they co-own at 340 Flatbush Avenue Extension, according to Crain’s. The building could be the city’s first to rise taller than 1,000 feet outside of Manhattan.

Brownstoner took the above photo just this morning, and added CityRealty‘s rendering of the possible new construction to show how very towering the tower may be.



Brick veneer and window glass are marching up the sides of the Oosten, the international luxury development surrounded on three sides by Hasidic apartment buildings on the waterfront in South Williamsburg. Designed by rising Dutch superstar Piet Boon, developed by Beijing-based Xinyuan Real Estate Co.’s U.S. subsidiary XIN Development, and marketed to overseas Chinese, the building at 429 Kent Avenue occupies the entire block, with a total of 216 units, including 15 townhouses.

Since launching sales 10 months ago, in September, exactly half of the units — 108 — are now in contract or closed, a spokesman for the Oosten let us know when we inquired. Four are townhouses.

The in-land units — the ones with no water views — are furthest along, construction wise, and cluster along South 8th Street and Wythe Avenue. Their views are of neighboring massive brick apartments with the tell-tale stepped balconies for celebrating the harvest festival of Sukkot characteristic of this area.

431 kent avenue williamsburg 72014

A Hasidic development under construction next door to The Oosten last year