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March 8, 2007

Magic Johnson Planning Greenpoint Project

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With his work at One Hanson Place almost done, Magic Johnson is expanding his Brooklyn portfolio to Greenpoint with the purchase of a 65-by-100-foot lot at 110 Green Street. Johnson and his partners ponied up $10.48 million for the two-story factory last summer and will be pulling down an additional $41 million construction loan to build the six-story, glass-clad condo. "We are believers in Brooklyn as a place that is economically growing, healthy, entertaining and the place to be," Johnson said yesterday in a statement announcing the deal. The developers said theapartments "are designed to appeal to a diverse and growing group of single working individuals and young families" priced out of Manhattan.
Magic in Brooklyn [NY Post] GMAP P*Shark




Posted by Brownstoner at 11:00 AM | Comments (13)
Categories: Brooklyn, Development, Greenpoint, Real Estate

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And who's gonna build for the working individuals and young families priced out of Brooklyn?

Posted by: Bzoo at March 8, 2007 11:20 AM

Magic is all over the place. Diversified. Lets just hope they keep Magic's Johnson out of it.

Posted by: Isaiah at March 8, 2007 11:23 AM

Is it just me or is this expression 'priced out of Manhattan' getting a bit tired.
( I doubt these new apts will be less expensive than upper Manhattan and if someone that could afford to buy these new condos they propably could find something cheaper in prime Manhattan - although somewhat smaller and older).

Posted by: Anonymous at March 8, 2007 11:24 AM

This project was discussed here more then one time already, but without magic's name attached to it.
Here are the renderings for the project
http://www.meltzermandl.com/projects/OnTheBoard/greenhuron.htm

Posted by: Mentch at March 8, 2007 11:30 AM

how much of Hanson place been sold?

Posted by: jake at March 8, 2007 11:31 AM

clearly there is some heavy action to come for brooklyn. eat your heart out david and exryaximous or whatever your name is.

Posted by: Anonymous at March 8, 2007 11:33 AM

a $50 MM dollar project...on a 65'x100' lot? What the hell are they going to sell each unit for?

Posted by: Brooklyn Boy at March 8, 2007 11:48 AM

I couldn't resist...

L. A. Lakers fast break makers
Kinds of the court shake and bake all takers
Back to back is a bad ass fact a claim that remains in tact
M-a-g-i-c see you on the court
Buck has come to play his way and his way is to thwart
M-a-g-i-c magic of the buck
Other teams pray for dreams
But he don't give a [fuck]
Penetrating the lane like a bullet train
Comes the magic blood a telepathic brain
Knucklehead suckers better duck
When the buck comes through like a truck
Scott stops pops and drops it in
On his way back gets a little skin
From the hand of a man named a. C. Green
Slam so hard break your t.v. Screen
Worthy's hot with his tomahawk
Take it to the hole make your mamma talk
I hate to burst your bubble but triple double trouble
Is coming to your town and he's going to make rubble
L. A. Lakers fast break makers
Kings of the court shake and bake all takers
Back to back is a bad ass fact a claim that remains in tact
Lakers are the team that i watch on the telly
Cause they got more moves
That a bowl full of jelly
The buck stops here - pops - then cheers
A roar through the forum
That deafens my ears
The one and only know if his kind
Sits in a throne
Not for the records that he holds
But for being bald and bold
Kareem abdul jabbar
All time great super super star
I hate to burst your bubble but triple double trouble
Is coming to your town and he's going to make rubble
Does anybody want some magic johnson
L. A. Lakers fast break makers
Kings of the court shake and bake all takers
Back to back is a bad ass fact a claim that remains in tact

...but probably should have

Posted by: Anonymous at March 8, 2007 12:47 PM

The article says it is a 130 unit project, so 50,000,000 divided by 130, is right around $385,000. Add a minimum of a 50% mark up.

Posted by: AnonymousNegro at March 8, 2007 1:30 PM

How does this math add up? 65' x 100'lot x 6 floors = 39,000 sq. ft. Divide that by 130 units and each apartment is only 300 sq. ft. Can somebody explain this?

Posted by: Anonymous at March 8, 2007 1:38 PM

Magic announced he would renovate the Loew's Kings theater on Flatbush back during the Giuliani regime. It still sits rotting...

Posted by: Dan at March 8, 2007 1:55 PM

The architect's rendering looks like a lot more than 100' of frontage. Also, the building is being called GreenHuron or something like that, so I assume it goes through the block to Huron St. Maybe the 65'x100' is one parcel?

Posted by: Halden at March 8, 2007 1:57 PM

It has 360' of frontage in total. See the curbed article today.

Posted by: Anonymous at March 8, 2007 1:59 PM

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