Italian developer Est4te Four, which is transforming 160 Imlay Street into condos, has dropped $33,025,000 on four more properties in Red Hook, according to public records. One of the purchases is 64-82 Ferris Street, a huge three-building complex on the waterfront that used to house printing presses for The New York Daily News. The Milan-based developer plans to convert the existing warehouses into office space for creative companies and put up new buildings that could either be more office space or a hotel, according to its website.
Est4te Four executive Stefano Marciano signed a $6,500,000 mortgage last month for four neighboring waterfront plots — 64-82 Ferris Street, 242 and 300 Coffey Street, and 217-255 Wolcott Street. He’s also the signer on all three deeds, which hit public records September 30 for $17,503,250, $9,907,500 and $5,614,250 respectively.
Last week, Est4te Four launched sales for its condo conversion of 160 Imlay with prices starting at $973,000 for a one-bedroom. The developer is also planning to convert a large red-brick warehouse at 202 Coffey Street into art galleries and studios. And over the summer, the company entered contract to buy two commercial properties at 62 Ferris Street and 219 Sullivan Street.
Photo by Google Maps
A nonprofit that helps homeless people who collect cans for a 5-cent deposit is being pushed out of its home in Bushwick because the landlord is about to sell the property for $3,800,000. The organization, Sure We Can, signed a five-year lease last year to pay more than $4,000 a month to rent the lot at 219 McKibbin Street, DNAinfo reported.
Property owner Otto Perez’s family offered the group $50,000 to end the lease early, after a buyer offered him $3,800,000 for the 13,000-square-foot lot. The plot includes a shed and storage lockers where the can collectors can store their wares until they’re ready to trade them in. They’re hoping to raise money from nonprofits and foundations to buy the land in the buyer’s stead.
Sure We Can’s dilemma shows how valuable Bushwick property is becoming, particularly in the industrial business zone the city calls East Williamsburg near the Morgan Avenue L train. Only a block over on Siegel and Moore Streets, Massey Knakal is marketing a large commercial property for $35,000,000. But under current zoning, any building constructed at 219 McKibbin can’t be larger than 13,000 square feet.
Nonprofit That Gives Homeless a Hand With Recycling Faces Ouster [DNAinfo]
Photo via Google Maps
A large but low-slung commercial building at the corner of Cortelyou and Stratford Roads in Ditmas Park has sold for $2,000,000, Ditmas Park Corner reported. Massey Knakal handled the sale of 1029-1035 Cortelyou Road and told the blog there were over 20 cash offers on the property. The 3,578 square foot property sits on a 60-foot-by-71-foot lot and sold above asking price at $559 per square foot.
Currently used as storage (and antique store on Saturdays only), the building could be used for retail or developed up to 8,416 square feet, according to the Massey Knakal listing. Considering the location, a mixed-use residential development seems likely. GMAP
Building on Corner of Stratford and Cortelyou Sells for $2 Million [Ditmas Park Corner]
1029-1035 Cortelyou Road [Massey Knakal]
Photo by lwitler via Ditmas Park Corner