Sales Beat

Adam America Buys Boerum Hill Lot for $6M

The lot at 390 State Street, (PropertyShark)

Adam America Real Estate has paid $6.05 million, or about $500 per buildable square foot, to acquire the vacant lot at 390 State Street in the Boerum Hill neighborhood of Brooklyn, according to city property records.

The 6,000-square-foot site was sold by private owner Theordore Poulos to 390 State Street Investors LLC, an entity registered to Adam America.  Read More

Sales Beat

Atlantic Avenue Site Trades for $7.75M

112-118 Atlantic Avenue. (PropertyShark)

A development site at 112-118 Atlantic Avenue in Brooklyn has sold for $7.75 million, according to property records. The buyer closed on the Cobble Hill site last month under the entity Henry Atlantic Partners, an LLC registered with the New York State Division of Corporations to Avery Hall Investments, a real estate acquisitions and development firm.

The address, currently home to a Shell gas station, is zoned for approximately 23,500 buildable square feet and is expected to be developed into a residential project, sources told Commercial ObserverRead More

Sales Beat

Clinton Hill’s Broken Angel Sells for $4.1M

brokenangel

The Broken Angel House at 4-8 Downing Street in Clinton Hill has been sold to Brooklyn development firm Barrett Design & Development LLC for $4.1 million.

The brick townhouse has been a neighborhood landmark since artist Arthur Wood and his late wife, Cynthia, bought the property in 1979. The couple transformed the property through a series of homemade installations and stained glass windows. Later, the property served as the backdrop of Dave Chappelle’s Block Party. Read More

Sales Beat

South Slope Development Site Trades for $8.5M

3-00885-0005.BDqN219P

Brooklyn-based developer CS Management has acquired a development site at 657-665A Fifth Avenue in South Park Slope for $8.5 million, representatives of the seller announced last week.

“This could become a focal point for the South Slope market,” Sean Kelly, managing director at CPEX, told The Commercial Observer. “There is not much left of Fifth Avenue in Park Slope-proper and the natural progression is south,” Read More

Watchtower

Partnership Behind Watchtower Buy Taps CPEX to Lease Retail Space

3-00087-0005.ZwSIrrca

The partnership behind the $375 million acquisition of the Watchtower portfolio in Dumbo has appointed Brooklyn-based real estate services company CPEX to lease the development’s retail space, The Commercial Observer has learned.

The deal, which ranks as the largest so far this year in Brooklyn, could feature a variety of retail opportunities including food hall concepts and gym facilities, in addition to its office campus use. Read More

2013 Owners Magazine

No Sleep Till Brooklyn

all_dominoplans_2013_03_08_bk01_z

When the Jehovah’s Witnesses began putting its portfolio of 35 buildings on the block in 2004, even the most seasoned real estate observer couldn’t have predicted that one of the winning bidders of a sprawling six-building complex in Dumbo would be Aby Rosen.

Known primarily as the owner of the Seagram Building and Lever House, two of the most iconic examples of mid-century modernism in Manhattan, Mr. Rosen and RFR Realty seemed unlikely suitors for a 1.2 million-square-foot compound in Brooklyn.

But similar to his cultivation of private equity and hedge fund tenants prior to the economic collapse, Mr. Rosen once again is tapping into New York City’s most exciting new business community–the rapidly expanding tech sector in Brooklyn. Read More

Sales Beat

Bushburg Properties Acquires 8-16 Nevins Street in Downtown Brooklyn for $16.2M

3-00161-0047.yQfBTu3f

Brooklyn-based developer Bushburg Properties has acquired two adjacent buildings in Downtown Brooklyn boasting over 90,000 buildable square feet for $16.2 million.

The deal’s price per buildable square foot of $173 is a significant sign of the area’s emergence as a central business district, according to the broker of the sale. “From a development perspective, I believe it’s the highest price per buildable square foot paid in Downtown Brooklyn,” Sean Kelly, managing director at CPEX, told The Commercial Observer. Read More

Lease Beat

Hotel Development Coming to BAM Cultural District

95 Rockwell Place Rendering

A long-term ground lease has been arranged for the development of a hotel at 95 Rockwell Place in Brooklyn, near the Brooklyn Academy of Music, it was announced last week.

The news of hotel development comes on the heels of Mayor Bloomberg’s November 2012 announcement of plans to begin the development and construction of 600 units of mixed income housing, as well cultural and commercial space in the area. The site, bounded by Fulton Street, Rockwell Place and Ashland Place, is to be developed through the Gotham Organization and DT Salazar.

Mayor Bloomberg also announced a public review of the development of 50,000 square feet of creative, cultural and community space, as well as a new public plaza in the neighborhood.

Read More

Lease Beat

PM Pediatrics Inks Deal in Cobble Hill

Courtesy of 240 Atlantic Avenue

PM Pediatrics has inked a deal for a new location in Brooklyn, brokers told The Commercial Observer.

The doctor’s office is known for being open every day including holidays and offering services after traditional work hours and weekends. The firm will take 6,055 square feet of ground floor retail space at 240 Atlantic Avenue in Read More

Lease Beat

Safety King Opens Fourth Location in Brooklyn

Courtesy of CPEX

Safety King, Inc. will be opening their fourth location in the New York City region.

The construction safety equipment supply house will be opening a 5,700-square-foot warehouse at 771 Third Avenue in Brooklyn. The warehouse occupies about a fourth of the 20,288-square-foot building and sits on the corner of 26th Street and Third Avenue, a Read More

Lease Beat

ElderServe Grabs 10K in Brooklyn

Courtesy of Loopnet

ElderServe has inked a deal for an office in Brooklyn.

The long-term care program managed by New York State to help elderly individuals live independently in their homes has grabbed a 10,000-square-foot office at 1630 East 15th Street in Brooklyn. Read More

Lease Beat

Staten Island Welcomes Harbor Freight Tools

Courtesy of Massey Knakal

Harbor Freight Tools has inked a deal for a location in Staten Island.

The nationwide tool and equipment retailer is set to open a new store within proximity to Home Depot and Lowe’s on 2295 Forest Avenue.

“Harbor Freight targets a similar customer base, [so] this was one of the big factors in their decision Read More

Lease Beat

Cupcake Wars Winner Opens Bakery in West Village

Courtesy of Whatnomint

House of Cupcakes has inked a deal to open their first New York location.

The winner of the Food Network‘s second season of Cupcake Wars is set to open shop in the West Village near Sheridan Square at 101 Seventh Avenue South. The location, previously occupied by GNC, features 1,500 square feet on the ground Read More

Lease Beat

Skate Shoe Designer SUPRA Expands to BK

Courtesy of Beat Box

The Southern California-based footwear designer Supra known for their unique skate shoes has inked a deal for a new location in Brooklyn.

The footwear designer and retailer will open its second New York City location – the first operating out of 4 Prince Street in trendy SoHo – in Beorum Hill at 288 Atlantic Avenue.

The Read More