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

Developers planning condos on Nevins, Livingston streets

New York /
Jul.July 16, 2015 02:05 PM

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.


Related Articles

arrow_forward_ios
RiseBoro's Scott Short and Slate Property Group's John Valladares with 326 Rockaway Avenue (Google Maps)
Slate JV plans affordable housing complex in Brownsville
Slate JV plans affordable housing complex in Brownsville
Slate Property Group  principal David Schwartz and a rendering of 69-65 Yellowstone Boulevard (Slate Property Group)
Slate Property Group lands $90M loan for Forest Hills project
Slate Property Group lands $90M loan for Forest Hills project
Slate Property Group's Martin Nussbaum and a rendering of the project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Hakimian, Certes land $59M loan for East Harlem multifamily project
561 Pacific Street and Adam America's Omri Sachs (Photos via 561 Pacific; Adam America)
Organic supermarket coming to Boerum Hill
Organic supermarket coming to Boerum Hill
From left: G.H. Palmer's Geoffrey Palme, RFR Holdings' Aby Rosen, Macklowe Properties' Harry Macklowe, Thor Equities' Joseph Sitt and Ellicott Development's Carl Paladino (Getty, iStock)
Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Harry Macklowe, Aby Rosen and Joe Sitt among 6,500+ developers, landlords who got PPP bucks
Goldman CEO David Solomon and 1 Flatbush Avenue (Credit: Michael Kovac/Getty Images; Hill West Architects)
Goldman reactivates real estate platform in NYC with big DoBro buy
Goldman reactivates real estate platform in NYC with big DoBro buy
From left: David Lichtenstein, Nathan Berman and David Schwartz
Not so fast, vultures: Multifamily among better “food groups” poised to weather pandemic
Not so fast, vultures: Multifamily among better “food groups” poised to weather pandemic
Tonight on TRD Talks: Maintaining multifamily in a tumultuous time
Tonight on TRD Talks: Maintaining multifamily in a tumultuous time
Tonight on TRD Talks: Maintaining multifamily in a tumultuous time
arrow_forward_ios

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

Loading...