856 washington avenue prospect heights

Developer Slate Property Group has snapped up the former Greenpoint Savings Bank (and more recently, Capital One branch) at 856 Washington Avenue in Prospect Heights for $6,500,000, according to public records. The elaborate early 20th century neo-Classical bank building is just under 6,000 square feet, but zoning allows a developer to build up to 40,000 square feet on the site.

If the building is going to be converted to apartments, we wonder if Slate will add extra stories to the top. The firm has residential projects all over Brooklyn, including three large apartment buildings under construction along 4th Avenue in Park Slope

The Capital One branch closed last fall, as a new one opened at the corner of Franklin and Eastern Parkway. 

Closing Bell: Trader Joe’s Rumored to Be Opening in Prospect Heights [Brownstoner] GMAP
Image via Google Maps

51 jay street dumbo 2

Slate Property Group and Adam America are revamping the former Jay Street Arts Building at 51 Jay Street into condos, which have just hit the market from $875,000. The ODA-designed project has three stories and 74 units, 14 of which were listed yesterday. BuzzBuzzHome was the first to spot the listings.

Apartments range from studios to four-bedrooms, including six penthouses and a townhouse with a private entrance on Water Street. Asking prices run as high as $5,150,000 for a four-bedroom penthouse. And two of the 14 listings are already in contract — a $2,350,000 three-bedroom and a $2,125,000 two-bedroom, according to StreetEasy. Amenities include a 24-hour concierge, gym, yoga room, children’s playroom, lounge and rooftop terrace with outdoor kitchen, fireplace and outdoor showers.

Click through for interior renderings!

On the Market: ODA-Designed 51 Jay Street Rears Its Dumbo Head [BBH] GMAP
51 Jay Street Listings [Halstead]
51 Jay Street [Official]
51 Jay Street Coverage [Brownstoner]
Renderings by ODA Architecture via Halstead Property Development Marketing

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TerraCRG is marketing 283 Greene Avenue, a two-story red brick factory that appears to be 19th century, as a residential conversion. The ask is $6,000,000, and the 13,279-square-foot Clinton Hill building has an additional 2,779 square feet of air rights. Currently home to Kilroy Architectural Windows, which has made windows for the Empire State Building and Statue of Liberty, the building is not landmarked.

The setup, which is not yet available online, notes that “condo pricing in the area is expected to reach the $1,200 per square foot level and the rental market for is exceeding $56 per square foot. Townhouses in the neighborhood have been achieving prices well over $2,000,000.”

A buyer could tear the whole thing down and build a new 16,085-square-foot apartment building. We are hopeful, though, that whoever buys it will keep the existing building and put an addition on top, with a setback. It is quite an attractive building as is, and of course old factory buildings can be quite desirable as residences. Inside, the building has exposed brick walls, an elevator shaft that has been converted into a closet, and tin ceilings in some areas‎.

“Developers are looking at this both ways, however we usually see conversions and loft buildings being more desirable considering the original details and unique attributes for building‎,” Melissa Warren, TerraCRG partner and senior vice president, told us. GMAP

Photo by TerraCRG

19 st johns place park slope 12015

Four former rent-stabilized apartments in a pretty Park Slope apartment house have just hit the market as condos. The one-bedrooms at 19 St. Johns Place range from 601 to 666 square feet and are priced from $631,000 to $732,000. For those of you keeping score at home, that shakes out to roughly $1,049 per square foot.

The priciest apartment, Unit 4B, has been upgraded with new cabinets, a new bathroom and stainless steel appliances, as well as an open plan kitchen/living room. It also comes with roof rights. The rest of the apartments have more traditional layouts, with separate kitchens, standard white appliances and white cabinets. A fifth condo will go on sale in the spring, according to the broker. (Some of the units “were briefly on the market in 2010,” he added.)

The four-story turn-of-the-century building has eight units, three of which are still occupied by rent-stabilized tenants. Do you think these condos sound attractive?

19 St. Johns Place [Corcoran] GMAP

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A group of developers yesterday paid $33,700,000 for the former Schlitz Brewery at 95 Evergreen Avenue in Bushwick. The Commercial Observer first reported the sale of the five-story, 170,000-square-foot brick factory between Melrose and George Streets, across the street from the gigantic Rheingold Brewery redevelopment project.

It was the first sale of the property in more than 30 years. In the past year or so, developers have pounced on property in Bushwick, which is teeming with construction. Somewhat surprisingly, buyers Hornig Capital Partners, Savanna and Chelsea Village Associates have no plans to turn the industrial property into apartments, according to an agent with Berko & Associates, which brokered the deal.

The building is already being used for light manufacturing and distribution by a variety of tenants. The buyers plan to empty it and convert it to “creative loft office space” and retail with a $20,000,000 renovation. The top floor, which has 35-foot ceilings and large windows that let in a lot of light, may become an entertainment venue, said the story.

Schlitz built the factory in 1950 to house its New York canning and bottling operation, but the Milwaukee-based brewer had moved out of the building by the late ’70s. The last owner, Moshe Gotteman, bought it in the early ’80s and has been renting it out ever since. Above, a rendering showing how the factory could be adapted for office and retail space.

Hornig, Savanna Buy Original Schlitz Brewery for $33.7 Million [NYO] GMAP
Rendering by Fogarty Finger Architecture PLLC via NYO

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The average sale price of all kinds of homes in North and Northwest Brooklyn rose 32 percent in 2014, compared to the year before, to $1,282,000, according to a report out today from Ideal Properties. The median sale price increased 12.4 percent to $950,000 in the year.

On a per square foot basis, a more reliable indicator of price fluctuations, average price rose 24.4 percent to $919. The median price per square foot rose 18.3 percent to $910.

Townhouses in particular soared in price, with the average sale price rising 46.5 percent to $2,649,000. Co-ops were up 30.7 percent to $744,257, and condos rose 27.9 percent to $1,120,000, the report said.

More than half, or 54 percent of all homes sold above asking; 33 percent sold below, and 13 percent sold at ask.

Neighborhoods surveyed included Williamsburg, the Navy Yard and Greenpoint, Boerum Hill, Brooklyn Heights, Carroll, Gardens, Clinton Hill, Cobble Hill, Park Slope, Prospect Heights, Windsor Terrace, the Columbia Waterfront District, Dumbo, Fort Greene, Gowanus, Red Hook, Vinegar Hill and parts of Downtown.

These areas of Brooklyn accounted for 31 percent of all sales in the borough, said the report. East Brooklyn made up 17 percent of sales, and southern Brooklyn accounted for the bulk, or 52 percent.

The report will be available later today on the company’s website.

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RedSky Capital set a record when it paid triple the highest sale price ever per buildable square foot for two retail properties on Bedford Avenue close to the L train. The firm bought 184-186 and 204-206 Bedford Avenue for about $40,000,000, reported Crain’s.

The sale, which closed recently, worked out to be about $3,200 per buildable square foot and $2,500 per buildable square foot for each property. It’s also “double the highest sale in Manhattan for the year,” said the story.

The firm is likely to add floors to the existing buildings, which are wider than average at more than 40 feet. The building at 184 Bedford is right at the corner of North 7th and houses Dunkin’ Donuts. Above, 204 Bedford Avenue in 2012.

Williamsburg Site Closes for Record Sum in 2014 [Crain's]
Photo by Christopher Bride for PropertyShark

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When we checked in at 176 Bedford Avenue — the incredibly valuable prime piece of real estate on the corner of North 7th Street in Williamsburg where the Salvation Army has been rebuilding its thrift shop for three years — earlier this month, workers were still constructing the foundation and plans filed with the building department for a new two-story store had not changed.

Now the New York Observer’s Commercial Observer reports the charity has decided to sell the site after all and is near to signing a deal. The Salvation Army has been receiving “five to six offers a week for the property,” said a Salvation Army officer. It has been mulling over “the best and highest use for the site” for three years.

When the store closed in January 2012, the Salvation Army said it would reopen the new store by about July 2013. “Proceeds from the sale will benefit Salvation Army’s adult rehabilitation centers,” he told the Observer. Sanchez Bodden Lerner is the agent for the property.

So expect to see the biggest possible building here after all by 2018. Rentals could make sense here because the corner is so busy and smaller units will maximize the medium size site, but the market has been turning to condos lately so who knows.

Anyone care to speculate how much the property is worth?

Salvation Army Nears Deal to Sell Bedford Avenue Site [NYO]
Salvation Army Coverage [Brownstoner]

672 st marks avenue crown heights 122014

An unnamed private investor has snapped up a 27-foot-wide mansion at 672 St. Marks Avenue in Crown Heights for $2,900,000, beating the neighborhood record by nearly $800,000. The sale closed Tuesday, Corcoran agent Chris Cavorti confirmed. The original asking price was $2,999,000.

The Renaissance Revival limestone was built in 1895 and designed by architect Peter J. Lauritzen. It is divided into five units and needs work. As far as we know, the previous record holder was 760 Eastern Parkway, a two-family home on a 40-foot-wide lot that sold last month for $2,108,902.

BK to the Fullest was the first to write about the sale.

Crown Heights Losing Its Mind: 672 St. Marks Avenue [BK to the Fullest]
House of the Day: 672 St. Marks Avenue [Brownstoner]
Building of the Day: 670-672 St Marks Avenue [Brownstoner]
Photo by Corcoran

Update: The story has been updated. Dixon is NOT the buyer of the mansion, Cavorti just let us know. He misheard us when we asked him twice if Dixon was the buyer, he said. An unnamed private investor bought the property.

dime savings clock

Owner JPMorgan Chase has decided to put one of its prime bank branches up for sale: The historic Dime Savings Bank at 9 DeKalb Avenue in Downtown Brooklyn. The 1908 Classical building looks like a Roman temple and sits next to Junior’s in a major development spot in Brooklyn that is currently seeing tons of high-rise construction.

The building is landmarked, so it will not be torn down or altered for development. No asking price has been named, but real estate insiders speculated it could fetch $100,000,000 or more, mostly for its valuable air rights, Crain’s reported.

Chase will move to 490 Fulton Street. The building would make a great event space, or possibly Apple might be interested in opening a store there, sources speculated to Crain’s. Massey Knakal is marketing the listing.

A planned tower at 340 Flatbush Avenue Extension could use the landmark’s 285,000 square feet of development rights to build an even bigger tower. The 100,000-square-feet bank has a gold dome on top; inside is a rotunda with giant marble columns, offices on the second floor, and an underground floor with vaults and a firing range. It was a Building of the Day in 2012.

Dime Savings Bank in DoBro Could Become $100 Million-Plus Buy [Crain's]

365unionave42011.jpg

Various LLCs associated with Forest City have been purchasing medium-size apartment buildings in Williamsburg, public records reveal. It’s not clear who exactly is behind the buys but we suspect it is not Forest City but the Ratner family. A spokesperson had no comment.

The addresses are:

*365 Union Avenue, a 14-unit building. Purchased by BPC Partners LLC for $11,000,000 on October 30.
*405-409 South 3rd Street, a 33-unit building, purchased by 281 Union BPC Partners LLC for $23,000,000 in August.
*69 North 6th Street, a 28-unit building, purchased by Olive Partners LLC for $28,750,000 in 2013.
*224 Wythe Avenue, a 20-unit building, purchased by Olive Partners LLC for $13,500,000 in 2012.

The signatory on the deed and the mortgage for 69 North 6th Street is Bruce Ratner. The authorized signatory for the other three is Sadie Mitznick, Forest City general counsel. Those three mortgages list the LLC as the owner and say “care of BR Family Management,” whose address is given as 1 MetroTech, same as Forest City. We presume “BR Family Management” refers to Bruce Ratner and may be the actual entity behind the deals.

Big real estate players formerly confined to Manhattan have recently started buying property in Williamsburg. With the high rents in the area, even a medium size building can bring in substantial revenue.

At least two of the sites were stalled during the downturn. The building at 365 Union Avenue, pictured above during construction in 2011, was designed by Scarano.

365 Union Ave Coming Back From the Dead [Brownstoner]
Silverstone Property Sells Fast-Renting ‘Burg Building for $28.75 Million [Brownstoner]
Cross-Shaped Building at 281 Union Avenue in Williamsburg Finishing Up [Brownstoner]
224 Wythe Avenue Rising [Brownstoner]

A very pretty house at 118 Rutland Road in Prospect Lefferts Gardens has sold for $2,400,000, setting a record for the area, as BK to the Fullest was the first to report. The house is 25 feet wide and comes with a detached garage. It sits on a corner lot and has windows on three sides, two front entrances and a porch.

It is landmarked, so a developer will not be tearing down this extra-wide limestone to turn it into an apartment tower.

The house was asking $2,995,000 when it was a House of the Day in March. Corcoran, which represented the seller, has it listed on its website as selling for $2,500,000, but public records say it traded for $2,400,000. The deal closed in November.

The record is not a huge bump up from the previous one. In August, a house at 66 Midwood Street sold for $2,300,000, as we reported at the time.

Another Lefferts House Breaks $2 Million: 118 Rutland Road [BK Fullest]
118 Rutland Road [Corcoran]
House of the Day: 118 Rutland Road [Brownstoner]