Heritage Equity Buys Greenwood Heights Lots for $19.8M
Toby Moskovits’ Heritage Equity Partners bought two Greenwood Heights, Brooklyn, lots near Industry City for $19.8 million, with plans to build an eight-story residential rental building at the combined site, Commercial Observer has learned.
Heritage closed on two adjacent tracts of land at 861-881 Fourth Avenue between 32nd and 33rd Streets—previously occupied by a gas station—that have up to 102,000 square feet of buildable space earlier this month, according to CPEX Real Estate, which represented both parties in the sale.
“The area is in need of new housing developments, particularly full-service elevator buildings, which do not exist in the vicinity,” Brian Leary, a managing partner at CPEX who handled the sale, said in a statement. Leary worked along with Sean Sears, Jidan Kim and former CPEX agent Sean Kelly on the deal.
Plans call for a 150-unit rental building with a gym, pool and “high-end finishes,” according to Moskovits.
“We’re very inspired by the renaissance in the neighborhood, especially the work done by Industry City,” Moskovits said. “We believe that there’s a need for additional housing.”
Both lots have a combined 25,000 square feet including 20,000 square feet zoned for residential with a commercial overlay and 5,000 square feet for residential, according to CPEX.
Heritage can build about 79,000 buildable square feet of space as of right on the property, but Moskovits plans to set aside 30 percent of the apartments for affordable housing and will qualify for the city’s inclusionary housing bonus. This will bump the size up to 102,000 buildable square feet.
Moskovits hopes to get building permits for the project soon and expects construction to take between 18 to 24 months to finish.
Update: This story has been updated to include details from the developer.