The Real Deal New York

Adam America, Slate to pay $50M for Downtown Brooklyn site

Developers planning condos on Nevins, Livingston streets
By Mark Maurer | Twitter_logo_blue copy July 16, 2015 02:05PM

UPDATED, 3:01 p.m., July 16: It’s the latest in a flurry of deals for two of Brooklyn’s most active developers.

Adam America Real Estate and Slate Property Group are in contract to pay north of $50 million for a Downtown Brooklyn development site where they intend to build condominiums, The Real Deal has learned.

The properties, located at 8-14 and 16 Nevins Street and 299 and 301 Livingston Street, offer more than 180,000 buildable square feet in total, according to Slate co-founder Martin Nussbaum.

The sellers of the four buildings are Israel Neiman, an independent investor, and a family of investors tied to the Colibri Group, a jeweler that supplied the golden gun in the 1974 James Bond film “The Man with the Golden Gun.” In 2013, Bushburg Properties, which had been planning to build rental apartments, flipped the contract on the Nevins Street buildings to Neiman and Colibri upon the closing of the $16.7 million deal, sources said.

The proposed height of the condo development is unknown. The four buildings on site are expected to be demolished after the deal closes in the next two or three months.

Adam America and Slate, both Midtown East-based development firms, are frequent collaborators on rental and condo projects in Brooklyn. They co-developed projects such as 51 Jay Street and 120 Union Avenue. Last month, Adam America acquired a Long Island City development site for its first Queens project.

Banks based outside of New York, such as Bank Hapoalim and Bank Leumi, are involved in financing the lion’s share of Adam America’s projects, according to a TRD analysis in April.