Commercial Real Estate
March 28, 2008
Commercial Sales in Brooklyn
4TH AVENUE, GOWANUS SIDE $4,050,000 (left)
438 4th Avenue, 202 8th Street GMAP
The sale of two of the properties Massey Knakal has bundled together as a residential development site were recorded in city records. The owner also controls a third adjoining parcel Massey is marketing for him, along with plans for a 12-story residential development.
WILLIAMSBURG $4,000,000 (right)
180 Borinquen Place GMAP
The insatiable Dermot Company buys another Brooklyn rental building, this time not in Fort Greene or Clinton Hill. According to PropShark, this is one's got 30 units and appears to be another rent-stabilized acquisition for the firm.
Photo of 180 Borinquen from Property Shark.
March 24, 2008
Bergen Street Brewery Off the Block
We noticed this beautiful building at the corner of Franklin and Bergen when we rode our bike past a couple of months ago and then swung by a couple of weeks ago for a second look. When we called the broker, Michael Silber, he informed us that the corner building was originally a brewery. He also informed us that it had recently sold—for somewhere just short of the asking price of $8 million. (The site, which includes two lots that run through the block from Bergen to Dean, has approximately 90,000 buildable square feet.) The developer who bought it will most likely do some kind of residential conversion. Hopefully, he won't make the same mistake as most of the developers over on 4th Avenue and fail to turn the ground floor into retail. This stretch of Franklin could really use it. GMAP P*Shark
March 13, 2008
Commercial Sales in Brooklyn
FLATBUSH $7,157,000
223 Linden Boulevard, 199 Linden BoulevardGMAP
Urban American, which became a big player on the Brooklyn rent-stabilized scene after its $250 million King & Queens portfolio purchase last fall, sold these two buildings. Each property has 145 units, and 223 Linden is rent-stabilized (we're not sure about 199 Linden). The address of the LLC that bought the properties is the same as the one on record for colorful landlord/developer Baruch Singer and his company Triangle Management.
Boerum Hill $17,240,000
75 Smith Street GMAP
Hersha Hospitality Trust's purchase of the hotel portion of Shaya Boymelgreen's The Smith was recorded in city records last week. Hersha says it's going to spend $6 million finishing the property and open it as "The Nu."
March 6, 2008
Spike Pulls Plug on Dekalb HQ
It's official: Spike Lee has moved his 40 Acres and a Mule production company out of its long-time headquarters at 124 Dekalb Avenue. A reader noticed movers coming and going last week and the drive-by this morning confirmed that the company's big red flag had been taken down. A call to 40 Acres a few minutes ago revealed that the company has consolidated its activities into one location. And, luckily, it's not on the Upper East Side, where Lee decamped several years ago with his family. It's just a block away at 76 South Elliott Place.
Spike's Gone But 40 Acres and a Mule Lingers On [Brownstoner] GMAP