(Read more on the industrial market and more on the multifamily market.)
BROOKLYN, NY-New York City-based Fifth Square Partners, formerly known as Northstar Property Group, recently purchased the historic Lewis Steel Products warehouse at 76 N. 4th St. in Williamsburg, Brooklyn. The seller, the Tryad Group, sold the 130,000-sf warehouse for approximately $26 million.
"This is a classic warehouse building located only four blocks from the Bedford Avenue subway station in a dynamic and increasingly popular neighborhood," says David Berger, co-founder of Fifth Square Partners. "We are very pleased to expand our portfolio to Brooklyn and deliver an exciting and unique residential loft product that will be more true to the character of the neighborhood than many of the new developments in the Williamsburg area."
Renovations to convert the warehouse into a high-end residential building began August 2007 and are expected to be completed by summer 2009. This new project is the highly anticipated follow-up to Fifth Square Partners recently completed project, 344 Bowery. According to Fifth Square Partners, the new condominium set a sales benchmark for price per sf on the Bowery.
Fifth Square Partners was established in 2002. It currently has had more than $150 million in development projects throughout the Northeast in New York, Philadelphia, New Jersey, Baltimore and Connecticut. Further information was not able prior to deadline.
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Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
