(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."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.