Real Estate Wire: A Bushwick Factory to Get New Life as Condos; A Peek Inside Norman Foster’s 425 Park Ave. Design

July 9, 2014

Our wrap-up of today’s real estate news highlights:

  • Williamsburg-based development firm ASH NYC is planning to turn a longtime Bushwick glass factory into 80 apartments with ground floor commercial space. [Wyckoff Heights]
  • Freddie and Fannie are warding off any “vultures” eyeing Stuy Town. The two mortgage giants say that they won’t provide funds to buyers who won’t keep a portion of the 11,200 apartments affordable. [Crain’s]
  • A collection of NYC’s most notable old buildings transformed into apartments and condos. [NYT]
  • Security and building vibrations are the biggest concerns over Extell’s new LES Cherry Street construction site. The mega-developer has a 68-story market rate tower and a more diminutive 13-story affordable residential tower going up on a former Pathmark site. [Bowery Boogie]
  • Normally the nice guy, Jared Kushner is allegedly suing to have rent stabilized tenants pushed out of two East Village buildings he wants to convert into high-end luxury apartments. [DNA Info]
  • A Brazilian billionaire beer mogul snags $30M pad in celeb favorite 15 Central Park West. [NYDN]
  • The United Arab Emirates has purchased an Upper East Side townhouse for $27.25 million. [WSJ]
  • New renderings of Norman Foster’s office building design for 425 Park Avenue have emerged. [Curbed]
  • Cashing in: An owner of 13 residential properties in Williamsburg is putting his BK portfolio on the market. The properties were originally purchased in 2005 for about $17M, but are likely to fetch $50M+ this time around. [Crain’s]
  • EXR Group launches a Brooklyn-centric brokerage firm in the heart of Williamsburg [NYO]

The Bushwick conversion (left); Norman Foster-designed office building (right)

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