20 Henry Indeed Getting a Reboot!
When we’re good, we’re good. We’ve been commenting on some telltale signs of a restart at 20 Henry Street for the past couple of weeks (like here and here) and, lo and behold, look at what hit the wires yesterday: A press release titled “Canyon-Johnson Urban Funds Join with Urban Realty Partners to Jumpstart Adaptive…
When we’re good, we’re good. We’ve been commenting on some telltale signs of a restart at 20 Henry Street for the past couple of weeks (like here and here) and, lo and behold, look at what hit the wires yesterday: A press release titled “Canyon-Johnson Urban Funds Join with Urban Realty Partners to Jumpstart Adaptive Reuse Project in Brooklyn.” That pretty much sums it up. According to the release, the 39-unit project is 30 percent complete and should be in a position again to start marketing a year from now. The new deal will provide the funding to complete both the 25-unit conversion of the existing Peaks Mason Mints building as well as the construction of the new 14-unit building on the adjacent lot. We’re certainly excited!
Canyon-Johnson Joins with Urban Realty to Jumpstart 20 Henry [BusinessWire]
They don’t even have to say “luxury”. They are. I agree that using the terms “burgeoning” and “adaptive reuse” is just an attempt to make it seem like they are NOT just finishing up a high-end project in a high-end neighborhood. (I guess they are hearkening back to before residential when it really WAS a working factory…long ago.) But I still think these will sell easily and in this case bhop is just deluded.
Donald – yeah, for sure. I mean, this is just a press release, in line with Canyon Johnson’s mission. And they’re a for-profit so I don’t think it matters if they stray a bit from it. No reason why this can’t be “luxury” – see One Hanson Place.
Oh wait, that might have been a rhetorical question.
“unpaid loan balance discounted by 25%”
Cancelled out by market decline thus far.
“Press release says the project will remain condos.”
They all do until it comes time to market them.
***Bid half off peak comps***
Condos for sure. No reason they will end up rentals. In this location? Majorly desirable and they will have no problem selling, imho.
Jessibaby – will they be able to call them “luxury” as well? They will need top dollar to turn a profit on this – unless they get re-inflated out of this mess.
Also, “adpative reuse”??? wasn’t occupancy residential prior to being vacated? What’s adaptive about the rehabilitation of a residential building for residential use?
NorthHeights – Canyon Johnson needs to call it that because part of its philosophy is to invest in undeserved communities.
Montrose – you should hit these guys up for money for urban areas that are actually in need. You educating Magic Johnson would be excellent.
Press release says the project will remain condos.
Not sure what they mean by describing Brooklyn Heights as a “burgeoning” neighborhood.
large condo units would sell well here. The location is very special.
Still a lot of risk for development team even though unpaid loan balance discounted by 25% and AIG walking away with an approx $7M loss. Does a new GC take over or is the original one going to finish the job?