Tuesday, April 19, 2016

Waterfront (Developer) Empire

Last time I walked along Second at 52nd, I noticed the signs on this (30's?) corner warehouse building, and wondered what their history was.  Like esteemed NYC historian Kevin Walsh, who had, of course, documented his travels here, I thought they seemed a little too freshly painted to be genuine, & it was a Forgotten New York reader who solved the mystery.  The corner appears in an episode of Boardwalk Empire, with signs added for period looks.

52-01 has been occupied most recently by a construction company.  It was purchased by Hang Fai Realty LLC in 2014 for $1,800,000 & is currently listed by Brooklyn Real Property Inc for $4,890,000.

FAR 2 with approved plan to built 7 stories + 2 floors basement parking lot (Approx 24 cars totals) & 1st, 2nd & 3rd floor community & restaurant. Floor 4,5,6 & 7th floor hotel (56 rooms) 14 rooms each floors! Roof top with NYC skyline view & Statue of liberty! After built approx 42,000.00 to 45,000.00 ft) Near train only 2 blocks away & 15 Minutes to Manhattan!

Yes, another hotel.  Demolition was approved last year, & it's only listed by Brooklyn Real Property as "land," so I figured the warehouse had already gone, but I headed down to look today & it's still there.

Farther north, another "repurposing" is in the works.  I'd noticed the sales listing earlier this year, & The Real Deal now reports that Madison Realty Capital are closing on a $37M purchase of two vacant warehouses on 39th Street, with a plan to use the space for offices.  Earlier tenants were primarily garment industry businesses.

The seller the Hampshire Companies out of New Jersey bought the buildings for $18.5 million in 2013 and then began buying out tenants to vacate the properties
... The 10- and 7-story buildings sit mid-block on 39th Street just a short walk away from the southern edge of Industry City ...

Two more quick buy & flip business deals in a relentless waterfront market.

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