Posted Nov 5, 2015, 8:22 PM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 47,056
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Local developer partners with Chinese firm to buy $50 million downtown Brooklyn site
Quote:
A Manhattan-based residential builder has partnered with Vanke, a large Chinese development firm, to buy a downtown Brooklyn site and build a 33-story condo tower.
Adam America Real Estate and Vanke, along with Slate Property Group, has closed on the acquisition of the development site at 10 Nevins St. for $47.75 million, according to city property records. The team plans to begin erecting a 180,000-square-foot building with 150 apartments early next year. Melissa Warren and Ofer Cohen, founders of the Brooklyn-based brokerage firm TerraCRG, arranged the sale.
Cohen said an added perk at 10 Nevins St. is that the previous owner had already completed plans for the new tower and secured city construction approvals. That will allow Adam America and its partners to begin construction immediately and "capitalize on the tremendous demand for condo housing options in the area," Cohen said.
The development will be the second deal Adam America and Vanke have worked on together. Earlier this year, Adam America and Slate sold a residential development site to the Chinese firm at 251 First St. in Park Slope (also known as 275 Fourth Ave.), according to Omri Sachs, a co-founder of Adam America. Vanke subsequently hired the two firms to manage the process of building a 44-unit condo property there.
"We have a lot of local knowledge and expertise, and they have a tremendous capability and understanding in construction," said Sachs, adding that his firm and Vanke are in the process of completing what will be their third, and largest, deal together in the city—a condo conversion in Manhattan. He could not provide the details of that project because the acquisition has not been finished.
"[Vanke] is building something like 200,000 units a year in China ,and we are exploring ways to utilize their unique ability to source materials for our projects together," he said.
The 10 Nevins St. development will join a wave of construction in downtown Brooklyn, most of it new residential buildings. Sachs said that the demand for high-end condos is strong because much of the new supply in the neighborhood is rentals.
"When you look ahead at what the neighborhood is going to be in two years when this building is finished, it's going to be totally different, with great retail and hotels and high rises," Sachs said. "This is an area that is going to feel very much like an extension of Manhattan."
Adam America is building another condo project nearby, at 319 Schermerhorn St., that will be 23 stories tall and contain 79 units. The two projects will complement each other, Sachs said.
"The units at Schermerhorn are more of a [starter]-type product in terms of their size," Sachs said. "Nevins will have bigger apartments, although both buildings will also offer a little variety."
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http://www.crainsnewyork.com/article...buy-50-million
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