Clinton Hill chocolate factory-turned-rentals sells for $68M

HK Organization closes on 184K sf site, which was converted in 2002

New York /
Sep.September 12, 2014 06:00 PM

UPDATED, Sept. 15, 1:49 p.m.: Brooklyn-based developer the HK Organization, founded by Harry Kotowitz and Howard Klaus, paid $68 million for a 206,000-square-foot rental building in Clinton Hill, according to property records filed with the city today.

The 123-unit, seven-story brick property at 255-275 Park Avenue was constructed as a Tootsie Roll factory in 1890s and later converted into lofts in 2002. The 25,000-square-foot retail space, near Washington Avenue, includes organic grocery store Fresh Fanatic.

The site’s alternative addresses include 39-53 Waverly Avenue and 78-88 Washington Avenue.

The Chocolate Factory LLC, led by managing member and developer Aleksander Goldin, acquired the site in 2001 for an undisclosed price and led the conversion. The factory building had been empty for about 20 years and had fallen into disrepair, according to published reports.

KW Property Management & Consulting manages the building, which entered contract in February, records show.

Stratus Capital Advisors broker Stephen Steiner represented both sides, the New York Observer reported. Neither the HK Organization nor Goldin could be immediately reached for comment.

HK, along with the Cayre family’s Midtown Equities and White Plains-based investment firm Rockwood Capital, is in the process of redeveloping the Empire Stores warehouse site in Dumbo, as previously reported.


Related Articles

arrow_forward_ios
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Scale Lending provides $40M for Clinton Hill residential build
Scale Lending provides $40M for Clinton Hill residential build
Scale Lending provides $40M for Clinton Hill residential build
RXR Realty CEO Scott Rechler and 475 Clermont Avenue in Brooklyn (Getty, Douglas Elliman)
RXR gets $143M refi for Brooklyn apartment complex
RXR gets $143M refi for Brooklyn apartment complex
The site of 445 Grand Avenue and rendering of 445 Grand Avenue (Google Maps, Fogarty Finger)
Clinton Hill project has been stalled so long, it’s sprouting a tree
Clinton Hill project has been stalled so long, it’s sprouting a tree
Pfizer Mansion (Douglas Elliman)
Pfizer Mansion sells for $9M, shattering Clinton Hill record
Pfizer Mansion sells for $9M, shattering Clinton Hill record
Clockwise from bottom left: 62-60 99th Street in Rego Park, 850-870 Third Avenue in Sunset Park and Square Mile Capital’s Craig Solomon with renderings of 550 Clinton Avenue in Brooklyn (Credit: Google Maps; Getty Images; Morris Adjmi Architects)
These were the top outer borough loans last month
These were the top outer borough loans last month
Rendering of 540 Waverly Avenue
SL Green lends $59M for mixed-use Brooklyn project
SL Green lends $59M for mixed-use Brooklyn project
35 Sidney Place (bottom) and 22 Lefferts Place (top) in Brooklyn
Brooklyn Heights townhouse is priciest Brooklyn contract
Brooklyn Heights townhouse is priciest Brooklyn contract
arrow_forward_ios

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

Loading...