Megalith plans 105-unit Dumbo rental – with parking

New York /
Feb.February 07, 2014 03:38 PM

Developer Megalith Capital Management plans to build a 105-unit residential rental building at a plot it bought last year for $30.6 million from the Jehovah’s Witnesses in Dumbo. A relative newcomer to the business, Megalith intends to put up a 12-story luxury building at 177 Front Street, between Jay and Bridge streets, where a one story garage currently stands, the firm’s managing principal and co-founder Samvir Sidhu told The Real Deal.

The one- and two-bedroom apartments will mostly ask between $65 and $70 per square foot – which pencils out to between $3,000 and $6,000 per month – in rent, Sidhu said. The project will be built under the so-called 80/20 program, meaning 20 percent of the apartments will be affordable and the balance will rent at market rates.

The building is being designed by Suffern, N.Y.-based Aufgang Architects and will feature a local restaurant – the identity of which is yet to be determined – on the ground floor as well as a rare and coveted commodity in prime Brooklyn: parking.

Sidhu said the ground-up development would differ from much of the other Dumbo housing stock because it would have more efficient floor plans.

“Two Trees has done a lot of the hard work [in Dumbo] but a lot of their projects are conversions, so they are less efficient,” Sidhu said. The Front Street building, he said, will use space efficiently and allocate it in the fashion to which luxury tenants are accustomed. The project, which will be built in partnership with Manhattan-based developer Urban Realty Partners, is scheduled to be completed in 2016.

Megalith is also converting the building next door, at 200 Water Street, to condominiums. That project received the green light from the Landmarks Preservation Commission’s last month. The Front Street project is right outside the Dumbo Historic District, and therefore does not require such approvals, published reports show.

Meanwhile, in Tribeca, Megalith is building a seven-story condo with partner Imperial Development Group, as The Real Deal reported.


Related Articles

arrow_forward_ios
Life sciences firm moves HQ from Dumbo to 48K sf in LIC
Life sciences firm moves HQ from Dumbo to 48K sf in LIC
Life sciences firm moves HQ from Dumbo to 48K sf in LIC
LIVWRK’s Asher Abehsera and CIM's Shaul Kuba with an aerial of 85 Jay Street (LIVWRK, Getty, Google Maps)
CIM, LIVWRK look to sell Dumbo rentals for $235M
CIM, LIVWRK look to sell Dumbo rentals for $235M
A rendering of the project in Brooklyn and Edward Minskoff (Marvel Architects; Getty)
Minskoff proposes 220K sf commercial building in Dumbo
Minskoff proposes 220K sf commercial building in Dumbo
10 Jay Street and Rent The Runway CEO and co-founder Jennifer Hyman and a store location in New York City (Getty; ODA Architecture)
On the rack: Rent the Runway’s Dumbo space up for rent
On the rack: Rent the Runway’s Dumbo space up for rent
Charlie Kushner and WeWork CEO Sandeep Mathrani with Dumbo Heights (Credit: Kushner via Sasha Maslov; Getty Images; Dumbo Heights)
For Kushner Cos., WeWork could be a problem at Dumbo Heights
For Kushner Cos., WeWork could be a problem at Dumbo Heights
Spaces Event
Look inside: TRD‘s co-working event at SPACES’ Dumbo location
Look inside: TRD‘s co-working event at SPACES’ Dumbo location
35 Jay Street and Edward Minskoff (Credit: Patrick McMullan/Patrick McMullan via Getty Images, Google Maps)
Edward J. Minskoff Equities buys Dumbo property for $62M
Edward J. Minskoff Equities buys Dumbo property for $62M
1 John Street and 635 11th Street in Brooklyn (Credit: Google Maps)
Dumbo condo was Brooklyn’s priciest contract last week
Dumbo condo was Brooklyn’s priciest contract last week
arrow_forward_ios

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

Loading...