The Real Deal New York

DDG takes on condo conversion as its first BK project

Standish Hotel redevelopment is firm's debut outside Manhattan
January 05, 2016 05:28PM

Manhattan condominium developer DDG is set for its first Brooklyn residential project – a redevelopment of the former Standish Hotel in Brooklyn Heights.

DDG, led by Joe McMillan, is teaming up with Westbrook Partners to convert the property at 169 Columbia Heights from rentals to condos.

The two firms acquired the 12-story building from Boston-based Taurus Investment Holdings for $60 million in June 2014, according to Crain’s, though DDG’s involvement in the project was not previously disclosed.

Taurus had converted the property from a hotel into a 94-unit rental building after buying it from Jehovah’s Witnesses for $50 million in 2007.

The redevelopment will be DDG’s first project outside of Manhattan and its first conversion in New York City – with the firm’s seven previous condo projects built from the ground up. DDG is designing and managing the conversion as the project’s lead developer.

The firm is currently building four condo buildings in Manhattan, include its largest project to date – a 32-story tower at 180 East 88th Street that is aiming for a total sellout of $308.2 million. [Crain’s]Rey Mashayekhi