(To read more on the multifamily market, click here.)
BROOKLYN, NY-SSJ Development LLC has acquired ownership of the largest contiguous waterfront property in Gerritsen Beach for approximately $8.8 million. The firm plans to spend approximately $30 million to construct a mix of single- and two-family townhomes on the three-acre site.
The Riviera at Gerritsen Beach will offer 32 residences overlooking renovated docks and a dockside pool. "Our plan is just one example of our redevelopment efforts to give all Brooklyn residents a revitalized waterfront," says Stephen S. Jemal, president of SSJ Development. SSJ has other redevelopment efforts along the Brooklyn waterfront in communities including Bensonhurst, Bergen Beach, Mill Basin and Sheepshead Bay.
The homes will range from 700 sf to 2,300 sf with open floor plans, a garage and balconies Jemal says the project's "greatest draw" will be the renovated docks, boat slips and waterfront swimming pool on Shell Bank Creek. "With the addition of the renovated docks, residents from the entire community can enjoy their waterfront."
The firm expects to begin working on the project in six to nine months and have it completed a year or so after that. According to Halstead Property's latest report for the Brooklyn townhouse market, prices for homes in Gerritsen Beach rose approximately 10% in the second half of 2005 to $413,103 from $374,718 the previous year.
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