Cover Story

High Tide in Greenpoint

Greenpoint along the East River. (Michael Nagle)

Greenpoint may not be as sleek as Williamsburg, and the neighborhood is still a (diminished) Polish stronghold, but it’s gaining more attention now as residential developments, many stalled during the recession, prepare to dot the still-scrappy waterfront.

“It’s just a matter of evolution,” said Ofer Cohen, the founder and president of Brooklyn commercial brokerage TerraCRG, Read More

on the waterfront

Fate of Greenpoint Towers To Be Determined This Week [Updated]

Renderings of 77 Commercial Street

Long-simmering plans to put up two new high-rise towers along the Greenpoint waterfront should be put to a vote this week, and the project’s future mostly lies in the hands of City Council member Stephen Levin.

Mr. Levin, who represents the North Brooklyn neighborhood, must vote in favor of or against a 40-story and 30-story tower by the Council’s final meeting of the year on Thursday. The project’s developers Joseph Chetrit and David Bistricer hope to win approval for the towers that would soar past the area’s current 15-story zoning cap. Read More

Controversies

Battle for Greenpoint Waterfront Heats Up; Locals Fight Williamsburg-ization

Credit: Save Greenpoint

Eight years after a rezoning paved the way for the Williamsburg waterfront’s transformation into Miami Beach, residents and politicians in neighboring Greenpoint are speaking up about their own shoreline.

District councilman hopeful Stephen Pierson vowed that he will go to court to reduce the size of planned 40-story towers to 15 or 20 stories. And other opponents of the waterfront redefinition have released renderings of hulking high-rises that dwarf the Manhattan skyline across the river.  Read More

Sales Beat

$1.1 B. Sony Deal Etched in Stone

225px-Sony_Building_by_David_Shankbone_crop

City records confirm Joe Chetrit and David Bistricer’s $1.1 billion closing on the Sony Building, the deal that thrust Mr. Bistricer into the spotlight as his media shy partner continued his buying rampage.

The duo plans to turn the tower into residential condominiums and a hotel, and to retrofit the retail space; and they recently went into contract to purchase the 1.5-acre former Cabrini Medical Center site at Second Avenue and East 19th Street.

The Sony Building purchase pitted Mr. Bistricer and Mr. Chetrit against industry heavyweights like Joseph Sitt and Harry Macklowe, winning a competitive bid by slapping down a jaw-dropping $600 million letter of credit to seal the deal. Read More

Sales Beat

Williamsburg Development Trades For $25M

Bob Knakal

A partnership between real estate investors Joe Chetrit and David Bistricer closed on a $25 million acquisition of a Williamsburg development parcel today. The land, located along the neighborhood’s lucrative waterfront at 77 Commercial Street, can accommodate up to 270,000 square feet of development. It is likely that Mr. Chetrit and Mr. Bistricer will build residential space on the site, sources told The Commercial Observer. Read More

Investment Sales

Chetrit Eyes 77 Commercial Street

77 Commercial Street. (Courtesy Property Shark)

Joe Chetrit is leading a partnership of investors in the acquisition of 77 Commercial Street, a development parcel in Greenpoint, Brooklyn that can accommodate about 270,000 square feet of residential development.

It’s not clear what Mr. Chetrit has negotiated to pay in the deal, but the property was being marketed by a Massey Knakal team led by the company’s chairman, Robert Knakal, that sources said was aiming to net a purchase price in the high $20 millions. Read More