Adam America Real Estate and Slate Property Group are teaming with Chinese real estate giant China Vanke to build a 33-story condo tower in Downtown Brooklyn.
The partnership closed on the acquisition of a development site at 10 Nevins Street, first reported by The Real Deal, for nearly $48 million, according to property records filed with the city.
Together, they plan to build a 150-unit, 180,000-square-foot residential tower on the property, which they purchased from Israel Neiman and a family of investors tied to the Colibri Group. A TerraCRG team led by Ofer Cohen and Melissa Warren brokered the transaction.
The development will be the second deal that Adam America, Slate and Vanke have worked on together this year, according to Crain’s. The Chinese firm acquired a residential development site at 251 1st Street in Park Slope from Adam America and Slate earlier this year and subsequently hired the two Midtown East-based firms to manage the process of building a 44-unit condo building at the property.
Adam America is building another condo project near the 10 Nevins Street site, with plans for a 23-story, 79-unit development at 319 Schermerhorn Street. Adam America and Slate have also co-developed Brooklyn residential projects such as 51 Jay Street in Dumbo and 120 Union Avenue in East Williamsburg. [Crain’s] – Rey Mashayekhi