Jacob Toll to help bring stalled Williamsburg condo back as a rental

New York /
Nov.November 08, 2010 03:30 PM

Steelworks Lofts

Another stalled Williamsburg condominium development is getting a second chance as a rental project with help from the developers of 44 Berry Street and Robert Toll’s son, Jacob. The site, at 76 North 4th Street, is known as Steelworks Lofts, named after the former Lewis Steel Products factory that is located there. According to Crain’s, developer Cayuga Capital Management and Jacob Toll acquired the note and the deed for the property that Fifth Square Partners originally planned to convert to an 88-unit upscale condominium. Fifth Square acquired it for $26.5 million in 2007 with the help of Anglo Irish Bank and several private investors but was ultimately unable to pre-sell enough units to obtain construction financing under the terms of the deal. The new owners will convert the 130,000-square-foot building to rental apartments instead, with retail on the ground floor, said Jamie Wiseman, co-principal of Cayuga. The deal follows a similar change in plans for a stalled condominium development on nearby Union Avenue, which recently sold to a developer planning to build 92 rental apartments at the site. [Crain’s]

 

Related Articles

arrow_forward_ios
777 Summer Street in Stamford and Toll Brothers Apartment Living president Charlies Elliott (Silverback Development, Toll Brothers)
Toll Brothers plans 355-unit apartment complex in Stamford
Toll Brothers plans 355-unit apartment complex in Stamford
Robert Toll, co-founder, Toll Brothers, in front of 30 East 85th Street (Google Maps, iStock)
Toll Brothers chief asks $22M for NYC penthouse
Toll Brothers chief asks $22M for NYC penthouse
205 Water Street and 267 Warren Street (Streeteasy, Corcoran)
Dumbo penthouse asking $4.9M tops Brooklyn’s luxury contracts
Dumbo penthouse asking $4.9M tops Brooklyn’s luxury contracts
Douglas Development's Jeffrey Levine, Toll Brothers' David Von Spreckelsen and Mayor Bill de Blasio (Getty, Toll Brothers)
De Blasio defied warning that he stop asking developers for donations
De Blasio defied warning that he stop asking developers for donations
Toll Brothers CEO Doug Yearley and Equity Chairman Sam Zell (Twitter/Toll Brothers, Getty)
Equity, Toll Brothers partner on apartments for $1.9B
Equity, Toll Brothers partner on apartments for $1.9B
Toll Brothers CEO Douglas Yearley (iStock; Toll Brothers)
Toll Brothers sales jump amid booming housing market
Toll Brothers sales jump amid booming housing market
Toll Brothers CEO Douglas C. Yearley Jr. (Credit: iStock)
Pandemic takes a Toll: Builder’s profits drop 42%
Pandemic takes a Toll: Builder’s profits drop 42%
Doug Yearley of Toll Brothers and 2686 Broadway (Credit: Google Maps and Toll Brothers)
Who’s still filing permit applications? Toll Brothers, for one
Who’s still filing permit applications? Toll Brothers, for one
arrow_forward_ios

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

Loading...