A Karl Fischer-designed rental in Crown Heights launched a lottery this week for 40 affordable one- and two-bedroom apartments. Dubbed The Frederick, the building at 564 St. John’s Place boasts a masonry and cast stone facade lined with stunning bay windows. To break away from the cookie-cutter look of new developments, the Frederick has residences with “state-of-the-art, but full of uncommon detail,” according to the building website. Qualifying New Yorkers earning 60 percent of the area median income can apply for the affordable units, consisting of $1,080/month one-bedrooms and $1,223/month two-bedrooms.
Find out if you qualify
Rendering via Steelblue/Gensler
Silicon Valley will soon land in Williamsburg, according to the masterminds behind 25 Kent, an office building designed with the tech community in mind. The eight-story building at 25 Kent Avenue, the first ground-up commercial office development in the area in over four decades, has officially topped out. The building offers 500,000 square feet of office space along the Williamsburg waterfront, retail at ground level and underground parking, according to CityRealty. Designed by Gensler with concept designs by Hollwich Kushner (HWKN), 25 Kent will surely attract young professionals, with its millennial-friendly rooftops, terraces and floor-to-ceiling windows.
- The sultan of Brunei’s interest in the Plaza was all fluff, but the landmark hotel is still up for sale. The hotel will likely fetch $2B, but any deal will be extremely complicated given the current ownership structure. [NYT]
- Post-gentrifiers are upset with the post-post-gentrifiers that have driven Williamsburg’s prices sky high. [NYT]
- The George Washington Bridge Terminal is finally getting its long-awaited facelift. The station will be closed while the $183 million upgrade is undertaken. [NYT]
- Heritage Equity Partners’ Toby Moskovits talks about his conversion of St. Vincent De Paul Church in Williamsburg into a rental building. [Crain’s]
- A profile of the top investors backing NYC’s hottest real estate tech startups. [TRD]
- Brookfield‘s SOM-designed apartment tower near Hudson Yards has a new look. [Curbed]
The Plaza Hotel, image by Luxuo (left); St. Vincent De Paul Church in Williamsburg (right)
With its beautiful brownstones and tree-lined streets, Crown Heights was once among the city’s premier neighborhoods prior to WWII. And though much has changed in subsequent years, Heritage Equity Partners is betting on its posh roots, acquiring a controlling interest in a new development project at 564 St. John’s Place.
The deal values the property at close to $30 million and plans call for the existing parking garage to be replaced by a 130,000-square-foot residential building, most likely a rental.
Heritage has been an active buyer in Brooklyn’s hot real estate market, most recently converting a church at 163 N. Sixth St. in Williamsburg into rental apartments and a new office building at 19 Kent Ave. in the same neighborhood is in the works.
Madison Realty Capital loaned Heritage $23.5 million to make the acquisition but the total price paid to former owner Rabsky Group was not disclosed. However, Madison’s co-founder, Joshua Zegen, said his firm is in active discussions with Heritage to provide construction funding for the project.
[Via Crain’s New York]