Commercial Real Estate
April 25, 2008
Commercial Sales in Brooklyn
PARK SLOPE $5,000,000
910 Union Street (left) GMAP
The People's Cathedral of Brooklyn sold off their 15,791-square-foot building on Union, near Grand Army Plaza, according to public records. The deed names the property's buyer as Jacob Pinson, the developer behind the Vermeil condo. Last year the DOB disapproved a filing to enlarge the building and make it residential.
BOROUGH PARK $16,700,000
1462 62nd Street (right) GMAP
We don't know anything about warehouse values in this neck of the woods, but a buyer thought it made sense to shell out a pretty penny for this 123,390-sf property.
Photos from Property Shark.
Atlantic Gets its HIP Adjustment
The new office building on Atlantic and Nevins that'll be leased by HIP is looking more or less good-to-go these days. When we last checked in on it in spring '07, it was a big hole. Architecture-wise, we find it to be a "there it is, I've already forgotten what it looks like" kind of building. They do get points for aligning the facade and roofline, though!
Development Watch: 447 Atlantic Avenue [Brownstoner]
HIP's Giving Out Bad Vibrations [Brownstoner] GMAP
April 16, 2008
Commercial Sales in Brooklyn, Heights Edition
BROOKLYN HEIGHTS $7,500,000
54-66 Livingston Street GMAP
A Brooklyn-based management company paid $2,250,000 for 64-66 Livingston and $5,250,000 for 54-62 Livingston, adjoining rent-stabilized buildings. 64 and 66 Livingston each have nine units, according to Property Shark, while 54-62 Livingston has a total of 32 units.
BROOKLYN HEIGHTS $10,890,000
82 Pierrepont Street GMAP
As reported in the Brooklyn Eagle, the Herman Behr mansion on the corner of Henry and Pierrepont was sold after being listed on the market for $12 million. The building has 26 rental units and was designed by Frank Freeman in the late 19th century. The landmark was purchased by a Manhattan-based firm called Fine Times, a developer that specializes in restoring townhouses and brownstones, according to an article in the Times.
Photos from Property Shark.
April 8, 2008
Behold 'Sunset Marketplace,' Time Equities' S. Park Plan
What you see above are renderings for the massive development project Time Equities has on tap for Sunset Park. The Greenberg Farrow-designed shopping center, which is being dubbed "Sunset Marketplace," will be part of Time Equities' redevelopment of two square blocks (30th to 32nd streets) between 3rd Avenue and the water. New construction on the site will total 790,000 square feet, according to Greenberg Farrow's website, including a large parking garage. The retail building will rise next to Federal #2, an huge industrial structure that Time Equities will redevelop for light industry and commercial tenants (there will probably also be some retail on Federal #2's ground floors). The EDC selected Time Equities and the Brooklyn Economic Development Corporation for the project last May. According to Philip Gesue, Time Equities' project director for acquisitions and development, the proposal is now in pre-application review with City Planning and should enter ULURP soon.
Sunset Park's Federal #2 a Potential Lifeboat for Creatives [Brownstoner] GMAP
April 3, 2008
14 (Commercial) Townhouses Planned in Red Hook
A few weeks ago developer Lawrence Omansky closed on the purchase of almost an entire square block in Red Hook, and his plans for the parcels involve building a lot of new space for commercial and light industry tenants. Omansky, whose firm is called Dragon Hearth Realty, bought all but one of the properties in the block bounded by Dikeman, Otsego, Dwight, and Coffey streets, and he intends to build 14 low-rise townhouses that will be leased to small manufacturing firms or artists and some additional retail space in the ground floors of the buildings. The three extant buildings on the site, pictured on the jump, will not be knocked down, and since they've been grandfathered in for residential uses, will stay as such. "I'm very excited about this project, because it will be attractive to artists and it'll also be very close to the new IKEA," says Omansky, who believes that the future retail in the properties will be driven by what customers leaving IKEA would want for amenities (for example, restaurants or more home supply/hardware stores). Omansky intends to build about five townhouses in each stage of the project's construction, which he hopes to start very soon. As sketched above, the finished product will also have a 12,000-square-foot communal courtyard for the buildings' tenants to use. Frank Galeano, who has been a broker in Red Hook for the past seven years, handled the sale of the properties. Galeano says the site's proximity to IKEA and the fact that it was a rare large parcel in Red Hook both contributed significantly to the property's lure. GMAP
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