Brooklyn Developer to Build 30K-SF Residential Project in Red Hook
By Isabelle Durso August 30, 2024 2:09 pm
reprints
Red Hook, Brooklyn, may be in line for a new residential development.
Brooklyn developer Heights Advisors plans to build a 30,000-square-foot, five-story mixed-use building at 159 Van Dyke Street with 20 residential units and 23 parking spots, according to records filed with the New York City Department of Buildings on Thursday.
Heights Advisors bought the two-story, 4,000-square-foot industrial building currently at the waterfront property for $3.6 million in 2018, Crain’s New York Business reported.
A spokesperson for Heights Advisors did not immediately respond to a request for comment. Project Tactical Solutions, which was listed as the engineer on the new project, also did not respond.
Despite the residential development, many developers are hoping to keep Red Hook industrial.
In May, Stephen Palmese’s new credit fund Integritas Capital lent $53 million to John Quadrozzi Jr. to refinance one of the last undeveloped pieces of land in Red Hook, Commercial Observer previously reported. The 12.5-acre site at 699 Columbia Street is set to become a 150,000-square-foot industrial building.
And in April, developers Bungalow Projects and Bain Capital Real Estate acquired an industrial site at Red Hook’s 145 Wolcott Street for $34 million with plans to redevelop it into a 225,000-square-foot production facility, CO reported.
Terreno Realty also bought a 96,000-square-foot industrial building at 185 Van Dyke Street for $27.5 million in October 2023.
Heights Advisors, run by Alain Kodsi, will join that list of developers with its portfolio of several projects in Brooklyn and Manhattan, including an apartment building at 79 Columbia Street in Cobble Hill and a Hell’s Kitchen condominium at 425 West 53rd Street.
Kodsi, though, has faced some opposition during his time in real estate. In the early 2000s, he was found guilty of two insider trading schemes, for which he spent eight months in prison and paid fines of $3 million, Crain’s reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
