The Real Deal New York

Heritage plans Williamsburg hotel, rentals

Firm says it is 'bullish' about area development

June 14, 2012 12:30PM
By Katherine Clarke

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From left: Toby Moskovits, the North 7th Street site and the Wythe Street site

The residential real estate development firm Heritage Equity Partners continues to be bullish when it comes to the Williamsburg market. The firm is planning two new projects in the neighborhood, including a 50-unit rental building at 310 North 7th Street, as well as a boutique hotel on a site it’s buying at 96 Wythe Street, the firm’s founder and CEO, Toby Moskovits, announced today at the Brooklyn Real Estate Summit. The gathering was hosted by TerraCRG at St. Francis College.

Heritage acquired the site at 310 North 7th Street last week for $9.5 million, according to a release from brokerage MNS, whose investment sales and capital advisory arm arranged the deal. Heritage purchased the 70,000-square-foot buildable site from American Development Group, which bought the building for $2.5 million in 2005, according to published reports.

Situated on the corners of North 7th Street, Meeker Avenue and North 6th Street, the parcel of land currently houses three connected buildings. Originally the home of the Ansbacher-Siegel Corporation’s Color Factory, the site was most recently occupied by the Star Soap and Candle Company, which has since relocated to 29 Ash Street.

Approached after her appearance on a residential real estate panel at the summit, Moskovits said the firm will likely break ground on the project within the next three months. The company is financing the project itself and will be asking rents of $55 to $60 per square foot.

Meanwhile, Heritage is planning to close on the purchase of a development site at 96 Wythe Street in the next two weeks, she said. A 150-room hotel is slated to rise on site, with completion expected within the next 24 months. The company is currently “in conversation” with several prospective operators of the hotel.

According to data from PropertyShark.com, the site totals 16,875 square feet. Public records show that it has been owned by the same company, 96 Wythe Ave. Inc, since 1974. It was not immediately clear how much Heritage will pay for the site.

“We’re bullish about the whole commercial nightlife area in Williamsburg,” Moskovits said on the panel, noting the success of Two Trees Management’s Wythe Hotel one block down.

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