Freeman, senior director sales at Massey Knakal, tells GlobeSt.com the time frame for the conversion to for-sale housing is two to three years, "depending on the market." Although securing a JV partner was the goal of owner Frank Farella, Freeman says it isn't typical.
"I can't say I'm seeing more joint ventures," Freeman says. "Partnering with a stranger is a difficult way to conduct business, and although I think there are more owners/developers who would like a JV partner to enter their projects now because of tough times, the guys with cash are picking their spots very carefully."
The 140,778-square-foot, landmarked apartment complex--located on Hicks Street--spans over two blocks between Kane and Warren Streets. The complex consists of nine six-story adjacent walkup apartment buildings with 188 units. Two of them are free market while the remaining 186 units are rent-stabilized.
Built in 1876 by Alfred T. White, the complex overlooking the Brooklyn-Queens Expressway is considered one of the first examples of 'socially engineered' modern working-class housing in America. The restoration project in the 1970s, which cost $5 million, is reportedly the largest project developed under New York City's neighborhood preservation program. Massey Knakal was the sole broker in the transaction
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
