"Williamsburg is once again a vibrant community, emerging from the bustling commerce of Manhattan Avenue and Bedford Avenue to the many distinctive side streets," says Mitchell LaBar, SVP and managing director of the firm's Manhattan office.
The firm also handled the portfolio sale of two properties located in Sunset Park that went for $865,000. Avi Ryzman and Zeev Sandman, who were the exclusive brokers for the transaction representing both a buyer and seller, note that the area is currently being revitalized by state, city and private funds. "Because of its location near harbor and transportation linkages, Sunset Park has recently been targeted for major development projects proposed for the region such as a new port, and a rail and freight tunnel connecting the area to either Staten Island or New Jersey," explains LaBar, who added that there was a "multitude" of bidders vying for the property.
Formed last fall, the Coney Island Development Corp. created a website to provide information on its progress in the redevelopment of the Coney Island section of the borough. The group's mandate is to create a comprehensive, viable plan to promote a more diversified business community and better employment opportunities. Earlier this year, NYCEDC issued a Request for Proposals on behalf of CIDC for a consultant or team of consultants to complete a strategic development plan for Coney Island.
And last month, HS Development Partners, a joint venture of Time Equities Inc. and Hamlin Venture LLC, acquired the keystone block of the Pacific-Schermerhorn Urban Renewal Area in Downtown Brooklyn from the Empire State Development Corp. HS intends to develop a 500,000-sf mixed-use project that will offer a distinctive mix of market rate and affordable residential properties, as well as retail, cultural and commercial uses. "The scale of this site and its strategic position between the brownstone neighborhoods of Brooklyn Heights, Boerum Hill and Cobble Hill and the commercial core, make this a singular opportunity to contribute in a meaningful way to Brooklyn's continued revitalization." Abby Hamlin, president of Hamlin, commented when the plan was announced. Her partner, Francis Greenburger, chairman of Time Equities, added, "Developing in Downtown Brooklyn is no longer pioneering, on the contrary, this site has intrinsic value because of its Downtown Brooklyn location."
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