The Real Deal New York

Clinton Hill chocolate factory-turned-rentals sells for $68M

HK Organization closes on 184K sf site, which was converted in 2002

September 12, 2014 06:00PM
By Mark Maurer

255-275-park

255-275 Park Avenue in Brooklyn

UPDATED, Sept. 15, 1:49 p.m.: Brooklyn-based developer the HK Organization, founded by Harry Kotowitz and Howard Klaus, paid $68 million for a 206,000-square-foot rental building in Clinton Hill, according to property records filed with the city today.

The 123-unit, seven-story brick property at 255-275 Park Avenue was constructed as a Tootsie Roll factory in 1890s and later converted into lofts in 2002. The 25,000-square-foot retail space, near Washington Avenue, includes organic grocery store Fresh Fanatic.

The site’s alternative addresses include 39-53 Waverly Avenue and 78-88 Washington Avenue.

The Chocolate Factory LLC, led by managing member and developer Aleksander Goldin, acquired the site in 2001 for an undisclosed price and led the conversion. The factory building had been empty for about 20 years and had fallen into disrepair, according to published reports.

KW Property Management & Consulting manages the building, which entered contract in February, records show.

Stratus Capital Advisors broker Stephen Steiner represented both sides, the New York Observer reported. Neither the HK Organization nor Goldin could be immediately reached for comment.

HK, along with the Cayre family’s Midtown Equities and White Plains-based investment firm Rockwood Capital, is in the process of redeveloping the Empire Stores warehouse site in Dumbo, as previously reported.

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