The Real Deal New York

Slate buys Williamsburg development site for $32M

Developer filed plans to build 125 apartments in June

October 21, 2015 05:20PM
By Rich Bockmann and Rey Mashayekhi

Slate Property Group

From left: 432 Rodney Street in Williamsburg and Slate Property Group’s David Schwartz

Slate Property Group closed last week on its $31.5 million purchase of the Quaker Sugar factory in Williamsburg, where the company plans to build 125 rental apartments.

The Midtown-based firm led by Martin Nussbaum and David Schwartz, one of Brooklyn’s most active developers, closed last Wednesday on the purchase of a four-parcel assemblage at the corners of Hope and Rodney streets.

Neil Dolgin and Robert Klein of Williamsburg-based Kalmon Dolgin Affiliates represented the seller, Kings Point, N.Y.-based Wechsler Equities.

The building site, 123 Hope Street, is just east of the Brooklyn-Queens Expressway and holds about 110,000 buildable square feet.

“We love that location,” Schwartz told The Real Deal. “It’s right off the Lorimer stop on the L train.”

Slate filed plans in June to build 125 apartments with retail on the ground floor and parking below grade, Schwartz added. The company plans to start construction later this year.

The developer has a site nearby at 66 Ainslie Street, where it plans to build 50 rental units, as TRD previously reported.

Other nearby developments include the Chetrit Group’s hotel/apartment hybrid building at 500 Metropolitan Avenue.