Housing for Orthodox Jews coming to Williamsburg

New York /
Dec.December 22, 2007 11:56 AM

A developer of some of the priciest real estate in Greenpoint is building up to 500 units of lower-cost housing for the growing population of Orthodox Jews in Williamsburg.

Isaac Hager’s North Development Group purchased an approximately 96,000 square foot property south of Broadway and a block from the East River for $42.5 million, company marketing director Martin Ehrenfeld said.

The property from South 8th to South 9th Streets and from Kent to Wythe was purchased on Dec. 11 from Waterview Gardens LLC. The deal for the vacant property was negotiated between the two parties, Ehrenfeld said.

North Development, creator of the Aurora, Ikon and 20 Bayard projects on McCarren Park, is planning to build more modest residential buildings for the Orthodox Jewish population, he said. The Williamsburg Orthodox population has grown to at least 8,000 families and needs more housing, he said.

The first phase of the project calls for 216 units in 12 residential buildings of seven stories each, to be completed by the middle of 2009. A second set of buildings is slated to be completed by the summer of 2010, bringing the total to about 500 units.

An earlier media report said the city approved a building of up to 20 stories on the property, but Ehrenfeld said no building would be taller than 7 stories.

At about $100 per buildable foot, the property probably sold for lower than what might have been expected, but the market has been cooling recently, said broker Herbert Kliegerman of North Brooklyn Realty, who was not involved in the deal.

“I think the $100 price is a very fair deal in this market,” he said.

North Development has not decided whether to offer the units as rentals or condos, but the price would be in line with other housing for the Orthodox community, Ehrenfeld said. Such properties sell for about $380 to $400 per square foot, compared with $700 to $800 per foot for the broader marker, he said.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Howard Hanna CEO Helen Hanna Casey and Compass CEO Robert Reffkin (Howard Hanna Casey, Getty)
Howard Hanna accuses Compass of poaching agents, stealing trade secrets
Howard Hanna accuses Compass of poaching agents, stealing trade secrets
Rob Gronkowski and 35 Hudson Yards (Getty, SOM)
Rob Gronkowski buys Hudson Yards home for $7M
Rob Gronkowski buys Hudson Yards home for $7M
Adam Neumann and the “Guitar House” in in Corte Madera (Getty, Realtor)
Adam Neumann gets $22.4M for California estate
Adam Neumann gets $22.4M for California estate
Professor Caroline Keating. (Colgate, One57)
Psychology professor closes deal on Billionaires’ Row condo
Psychology professor closes deal on Billionaires’ Row condo
The effective rate was 1.1 percent, on average, in 2020, down from 1.14 percent in 2019. (iStock)
Homeowners’ property taxes grew twice as fast last year
Homeowners’ property taxes grew twice as fast last year
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...