Big Greenpoint development site changes hands

New owners may develop three towers with more than 350,000 square feet

New York /
May.May 21, 2014 06:24 PM

An unidentified buyer snapped up a large development site in Greenpoint known as 49 Dupont Street, where as many as three residential towers could rise adding to several massive apartment projects planned nearby along Brooklyn’s East River waterfront.

The buyer, identified only as Dupont Street Developers LLC, with an address at a Borough Park law firm, acquired the location for an undisclosed price on Monday from 49 Dupont Realty Corp.

The site is composed of 10 parcels with the addresses 2-36 Clay Street, 280 Franklin Street and 49-93 Dupont Street, and has about 260,911 square feet of as-of-right development potential, according to a listing from 2007. But sources said affordable housing bonuses could add another 100,000 square feet or more to the project, and the new owners were considering a plan to build three residential towers on the site, which is now occupied by one-, two- and three-story industrial properties.

The parcel is across the street from residential projects such as 77 Commercial Street planned by the Chetrit Group and Clipper Equity, and near Greenpoint Landing, proposed by the Park Tower Group.

Dupont Street Developers inked a contract with Joseph Folkman, president of 49 Dupont Realty Corp., in August 2012 to buy the property in a deal that was set to close by February 1, 2014, city record show. However, the sale did not close until Monday, Adam Glick, a principal with Midtown South-based Maxim Capital Group, said.

His firm lent the buyers $25 million for a two-year bridge loan, but he declined to disclose the identities of the buyers. Mortgage brokerage Eastern Union Funding’s Martin Zelcer originated the deal and his colleague Shaya Ackerman closed the loan. The bridge loan is for 24 month with one option to extend it for another year, Glick said. It was not clear if there were any sales brokers involved in the transaction.

A spokesperson for Eastern Union declined to comment.


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