The Real Deal New York

L.I. firm is likely to develop Brooklyn’s Admirals Row

Blumenfeld Development is in late negotiations with Navy Yard

December 05, 2012 12:00PM
By Adam Pincus

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From left: Edward Blumenfeld and Admirals Row

The Syosset, L.I.-based real estate firm Blumenfeld Development Group has signed a memorandum of understanding with the Navy Yard Development Corporation to develop a high-profile, six-acre project north of Downtown Brooklyn, sources familiar with the negotiations said.

The long-awaited project will include a 74,000-square-foot grocery store, an additional 79,000 square feet of retail, about 127,000 square feet of industrial space and the rehabilitation of two long-neglected historic buildings along Admirals Row.

The memorandum, signed last month, is not a final contract, but is a strong indication that Blumenfeld will ultimately be picked, an insider familiar with the process, said. The formal selection is expected by the end of the year, another source said.  Insiders said that the Navy Yard Development board has not yet voted on the choice.

Another firm, Aaron Maliknsky’s PA Associates had been selected in 2010 to be the developer, but was bumped after Malinsky was charged in a bribery scandal that centered on State Senator Carl Kruger. Charges against Malinsky were later dropped  and he was cleared of any allegations of wrongdoing.

Malinsky’s new company, Curbcut Urban Partners, was a leading contender for the development job.

When asked about the memorandum of understanding at the International Conference of Shopping Centers show in New York this week, Malinsky said he was not aware that any developer had been picked.

The family-run Blumenfeld Development constructed the East River Plaza in East Harlem  along with Forest City Ratner, as well as the Bulova Corporate Center and Bulova Retail Plaza, both in East Elmhurst, Queens.

A spokesperson for the Navy Yard would not confirm or deny whether a memo had been signed, but said, “We’ll make an announcement when we have news.”

Edward Blumenfeld, Blumenfeld’s founder and president, did not respond to requests for comment.

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