Our development activities enter a new phase with our acquisition of the tower portion of the iconic and landmark Woolworth Building. A striking fixture on the Lower Manhattan skyline, the building sits amidst a reenergized and reinvigorated neighborhood. Uber-luxury residential development is sprouting throughout the area spurred by two new multi-modal transit hubs and a transitioning commercial tenant base. Our entry into this highest end marketplace signals the next chapter in our history of anticipating and capitalizing on market shifts.
Sackett Union Condominiums
and Townhomes
Brooklyn, NY
Sackett Union Condominiums and Townhomes comprise 32 residential condominiums, 11 Townhouses, 40 underground parking spaces and approximately 9,800 square feet of retail space. We tendered an unsuccessful bid for the property in 2009 and watched from the sidelines as it was demolished, a foundation was poured and zoning and building plans were approved. By mid-2010 the project stalled as ownership was unable to finance further development.
Along with our partners Prudential Real Estate and The Davis Companies we purchased the site in mid-2011 for less than the in-place value. As the plans were already accepted and the work was ready to proceed, we moved quickly to structure a transaction and create a new team to revive the project with anticipated completion by summer 2013.
Our introduction of a new standard of quality to the Brooklyn luxury residential market was well received and our timing was prescient as all 32 condominiums, the retail space and the parking spaces sold out nine months prior to completion. More than half the townhouses are accounted for and the project has achieved record pricing in the Carroll Gardens submarket for both the residential condominiums and the townhouses.
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