Slate buys Williamsburg development site for $32M

Developer filed plans to build 125 apartments in June

TRD New York /
Oct.October 21, 2015 05:20 PM

Slate Property Group closed last week on its $31.5 million purchase of the Quaker Sugar factory in Williamsburg, where the company plans to build 125 rental apartments.

The Midtown-based firm led by Martin Nussbaum and David Schwartz, one of Brooklyn’s most active developers, closed last Wednesday on the purchase of a four-parcel assemblage at the corners of Hope and Rodney streets.

Neil Dolgin and Robert Klein of Williamsburg-based Kalmon Dolgin Affiliates represented the seller, Kings Point, N.Y.-based Wechsler Equities.

The building site, 123 Hope Street, is just east of the Brooklyn-Queens Expressway and holds about 110,000 buildable square feet.

“We love that location,” Schwartz told The Real Deal. “It’s right off the Lorimer stop on the L train.”

Slate filed plans in June to build 125 apartments with retail on the ground floor and parking below grade, Schwartz added. The company plans to start construction later this year.

The developer has a site nearby at 66 Ainslie Street, where it plans to build 50 rental units, as TRD previously reported.

Other nearby developments include the Chetrit Group’s hotel/apartment hybrid building at 500 Metropolitan Avenue.

Related Articles

A rendering of  280 Meeker Avenue CW Realty Management CEO Cheskie Weisz (CW Realty Management)

CW Realty to bring mixed-use project to troubled Williamsburg site

1 Flatbush Avenue and the site at 570 Fulton Street (Credit: Google Maps)

Pair of DoBro properties up for sale by Slate, Meadow Partners

269 Wallabout Street in Williamsburg (Credit: Google Maps)

On to the next one: Rabsky planning yet another Brooklyn project

58 Union Avenue (Credit: Google Maps)

Brooklyn binge: Rabsky Group plans to bring 65-unit project to Williamsburg

CW Realty's Cheskie Weisz and the Williamsburg assemblage (Credit: CW Realty and Google Maps)

CW Realty buying Williamsburg assemblage for $39M

Slate Property Group’s David Schwartz and 45 Rivington Street (Credit: Google Maps)

Mystery buyer snaps up controversial Rivington House for
$160 million

329 Broadway and JLJ CEO Jonathan Lewis (Credit: Syndicate Architecture via CityRealty, Google Maps)

Williamsburg developer lands $57M refi to complete 329 Broadway

60 East 12th Street and Slate Property Group’s Martin Nussbaum and David Schwartz (Credit: Google Maps)

Slate closes on $106M multifamily building near Union Square