未分类

SL Development

SL Development picks up Williamsburg warehouse for $23M Developer plans to convert former umbrella factory into 69 condos

Page Leidy and Ray Steffen with a rendering of 722 Metropolitan Avenue

SL Development bought the former umbrella factory at 722 Metropolitan Avenue 爱上海同城论坛

爱上海同城
in Williamsburg for $23 million, where it plans to convert the building into 69 condominiums.

The Midtown South-based firm headed by principals Ray Steffen and Page Leidy bought the building上海贵族宝贝论坛

上海贵族宝贝
from longtime owner Barnett Brickner. The site comes with about 70,000 square feet of development rights, and the new owners plan to add four stories on top of the existing brick building with retail on the ground floor.

The deal was not without complications. Brickner was in contract twice to sell the property, deals that were complicated by news of the L train shutdown上海贵族宝贝

上海千花网龙凤论坛
and a battle with artist tenants who allegedly tried to gum up the sale.

Brickner had at one point been asking $26 million for the property. Steffen said the Metropolitan Transportation Authority s plan to shut down the L Train between Manhattan a上海夜网论坛

上海夜网
nd Brooklyn for 15 months starting April 2019 absolu爱上海同城

爱上海
tely  affected pricing on the deal.

David Marciano

“The market is down 10 to 15 percent,” said Steffen, who added the project is about two years away from completion.

David Marciano at Kassin Sabbagh Realty was the sole broker on the off-market deal.

Madison Realty Capital provided SL Development with a $53.5 million loan for acquisition and development of the property.

Tags: kassin sabagh realty, l train, Williamsburg
We are having some technical difficulties. Try again later.

By clicking Subscribe you agree to our Privacy Policy.

Leave a Reply

Your email address will not be published. Required fields are marked *