Heritage plans Williamsburg hotel, rentals

Firm says it is 'bullish' about area development

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
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Homeward founder Tim Heyl (Homeward, Getty Images)
Power buyer Homeward lays off 20% of staff
Power buyer Homeward lays off 20% of staff
Council member Keith Powers (Manhattan Community Board 5)
Defeated by industry, criminal background check bill returns
Defeated by industry, criminal background check bill returns
ZappiCo's Jim Zappi and Pocantico Lake (ZappiCo Real Estate Development, Google Maps)
Developer wants 29 waterfront homes; Nimbys want none
Developer wants 29 waterfront homes; Nimbys want none
61-01 Springfield Avenue in Bayside with Skyline Properties’ Robert Khodadadian and Daniel Shirazi (Google Maps)
Bayside shopping center goes for $32M to lead mid-market sales
Bayside shopping center goes for $32M to lead mid-market sales
Manhattan rents rise
As July rents notch another record, brokers eye August dip
As July rents notch another record, brokers eye August dip
arrow_forward_ios

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

Loading...