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By Accord Real Estate Group

Red Hook Development Update

June 10th 2016
Tags: Brooklyn Blog, All about Brooklyn New York, Brooklyn Real Estate

Developer/Investor Thor Equities had purchased the 7.7 acre Revere Sugar Refinery site located at 280 Richards Street in 2005 with a mixed use building in their plan. Today, they have decided on a 4 story, 623,000 square foot Commercial complex. The project will have 600,000 square feet of office space featuring 100,000 square foot floor plates. There will also be a retail and restaurant space, a public waterfront esplanade, rooftop terraces and a central courtyard. Award winning British architect Norman Foster of Foster + Partners will design the project. This Thor Equity Red Hook project is their largest ever ground up development in New York. With the trend now for TAMI tenants (creative sector tenants such as tech startups and media companies) coming to Brooklyn, the timing of this project is good.

Developer LIVWRK purchased the former Golten Marine Building located at 160 Van Brunt Street in 2014 for $21.5M.  Construction on the 3 story, 98,650 square foot building is nearly done and anchor tenant electric car maker, Tesla Motors has leased 40,000 square feet on the ground floor. Additional office space is available on the upper floors.

Developer Est4te Four is gradually making progress on their 70 unit residential condominium project at 160 Imlay Street. The 1-3 bedroom layouts will average a very spacious 2,648 square feet each. Included in the plans is 39,500 square feet of commercial space on the ground and 2nd floors. Building amenities will include a parking garage, fitness center, bike storage and private storage. Jeffrey Cole architects is the architect of record. Expected completion is Spring of 2017.

Bad news for a proposed 8 story, 200 bed nursing home project planned at 141 Conover Street. In a unanimous 48-0 vote the city council disapproved the project. The councils concerns included a change in zoning from manufacturing to residential and the site is in a Flood zone A area which would be dangerous for seniors who would be living inside the building.

One more project of note is the King and Sullivan Red Hook Townhouses project. This 22 townhouse development located at 109-125 King Street and 74-84 Sullivan Street is making good progress with foundation work underway. The average square footage of these 3 story homes will be 2,381 square feet. Jeffrey Cole is the architect of record. The project has an expected completion of early 2017.

If you are planning to sell your Brooklyn property, whether a residential property, a commercial building, mixed use, multi family, vacant land, co-op or condominium or a development opportunity, call us. You will be very happy that you did.

Thank you.

Accord Real Estate Group