The Real Deal New York

Heritage Equity in contract for large Williamsburg development site

October 12, 2012 11:30AM
By Adam Pincus

From left: 19 Kent Avenue and Toby Moskovits, CEO of Heritage Equity Partners

Heritage Equity Partners is in contract with a partner to purchase a large commercial development site in Williamsburg, a block from the waterfront, the company told The Real Deal.

Heritage, a Midtown-based real estate investment firm, along with Michael Lichtenstein of Lichtenstein Advisory Group, expects to buy the entire city block between Kent and Wythe avenues and 12th and 13th streets, with an address of 19 Kent Avenue, Toby Moskovits, CEO of Heritage, said. She did not provide the contract date, price or a closing date.

Several industry sources said the price for the estimated 160,000-square foot site was approximately $30 million. The sellers are individuals and companies in Florida, California and Nevada. One owner, Eliott Prigozen, did not immediately respond to a request for comment.

Heritage is considering a variety of uses for the development site, which is near the popular local hangouts Brooklyn Bowl and Brooklyn Brewery, she said. “Discussions are underway with potential tenants including a well-known school, as well as with a number of well-established galleries seeking space in the neighborhood,” Moskovits said.

Retailers are taking a renewed interest in the area, area brokers said, with Berry Street and Driggs Avenue seeing asking rents of up to $60 per square foot.

Moskovits has been active in Williamsburg, often partnering with Lichtenstein who acts as development advisor and construction manager as well as investor Yoel Goldman.

In December 2011, Heritage paid $13.7 million for the historic St. Vincent de Paul church nd an adjacent property, with an address of 180 North 7th Street, between Bedford and Driggs avenues. That project is being converted into 100 residential units, Moskovits said.

This year, the company bought 310 North 7th Street, at Meeker Avenue, where they plan a 50-unit apartment building, city records show. They bought that site May 31 for $9.45 million. A few weeks later, on June 29, they closed on 96 Wythe Avenue, at North 10th Street, where a 160-unit hotel is planned, for $4.85 million.

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