Heritage plans Williamsburg hotel, rentals

Firm says it is 'bullish' about area development

TRD New York /
Jun.June 14, 2012 12:30 PM

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.


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
(Getty)

J.C. Penney implosion hits two New York City malls

J.C. Penney implosion hits two New York City malls
RuthAnne Visnauskas, Commissioner of the New York State Division of Housing and Community Renewal

New Yorkers flood rental assistance program on first day

New Yorkers flood rental assistance program on first day
The 2.98 percent is the lowest Freddie Mac has seen in nearly 50 years of tracking (iStock)

30-year mortgage rate hits record low

30-year mortgage rate hits record low
Joseph Nakash, Aby Rosen and W South Beach (Getty, Google Maps)

Aby Rosen’s RFR, Nakash family battle over failed sale of W South Beach condos

Aby Rosen’s RFR, Nakash family battle over failed sale of W South Beach condos
Former president of Airbnb’s Homes division, Greg Greeley and Airbnb CEO Brian Chesky (Airbnb, Getty)

Airbnb executive to step down as startup revives IPO plans

Airbnb executive to step down as startup revives IPO plans
arrow_forward_ios

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

Loading...