The Real Deal New York

Quadrum shopping Greenpoint warehouse for $60M

The waterfront site could hold 180K sf of resi

November 21, 2016 05:15PM

1 Huron Street and Oleg Pavlov

1 Huron Street and Oleg Pavlov

Quadrum Global put a 1.5-acre waterfront Greenpoint site, which is currently home to a two-story warehouse, on the market for $60 million.

If the 80,000-square-foot warehouse at 1 Huron Street were to be demolished, it would pave the way for roughly 180,000 square feet of residential development, Crain’s reported.

The site is on the border of a higher-density residential district, and a potential buyer may be able to seek a rezoning under Mayor Bill de Blasio’s Mandatory Inclusionary Housing policy. If that were to happen, the publication reported, 330,000 square feet of residential space could be built. Under MIH,  developers are required to build affordable housing if the city increases the square footage on a site.

A Cushman & Wakefield team led by Mitchell Levine is representing Quadrum.

Mack Real Estate Group and Palin Enterprises are developing a 29-story apartment building nearby at 10 Huron Street. A 22-acre development called Greenpoint Landing is set to bring 5,500 new apartments, 1,400 of which will be affordable, to the area. Park Tower Group and L + M Development are in the process of developing three of the buildings, which are affordable. Construction on two nearby rental towers, a joint venture between Park Tower and Brookfield Property Partners, has also begun.

Earlier this year, Quadrum, a London-based development firm headed by Oleg Pavlov and Seth Schumer, announced it would open two micro-hotels in New York City at 231 Hudson Street and 11 East 31st Street.

In 2014, Quadrum partnered with hotelier Sam Chang to buy the site of a two-story office building at 351-353 West 38th Street. Each firm paid $56 million, records show. [Crain’s]Miriam Hall

Correction: An earlier version of this story incorrectly stated the Arlo Hotel was at 321 Hudson Street. It is at 231 Hudson street. The earlier version also stated Quadrum is co-developing a hotel on West 38th with Sam Chang. Quadrum and Chang purchased the site together, but the companies are separately developing parts of the site. 

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