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Adam America in talks to buy former Brooklyn church site for 72-unit condo project
The building at 24 Fourth Ave. would also feature 6,600 sf of commercial space
UPDATED, 3:36 p.m., May 17: Prolific Brooklyn developer Adam America [TRDataCustom] plans to replace a former Catholic church near the Barclays Center with a 12-story condominium building, property records show. The developer is in talks to buy the site from an LLC controlled by Ike and Elliott Chehebar of the Jackson Group, sources said.
The project at 24 Fourth Avenue in Brooklyn would feature 72 residential units across 73,127 square feet, as well as 6,657 square feet of commercial space on the ground floor, according to plans filed with the city’s Department of Buildings. ODA New York is the architect of record, according to the filing.
Trustees of the Diocese of Long Island sold the Church of the Redeemer site for $20 million in the fall of 2014 to 561 Pacific, LLC, controlled by Jackson Group. Adam America is in the process of purchasing the property now, according to the firm’s co-founder Omri Sachs. The Gothic Revival cathedral, which has been demolished, was about 150 years old, and church leaders said it had become structurally unsafe.
Adam America hopes to start construction on the project, which would also contain a small parking garage for about 20 cars, by early 2018, according to Sachs.
The firm has not yet determined how they’ll price the units at 24 Fourth Avenue, but Sachs said he expected them to be in line with that of nearby condos at the Baltic in Park Slope and the Hendrik in Boerum Hill. Available units at those developments are currently selling for between just over $1 million and just over $3 million.
Last year, the New York State Attorney General’s office approved Adam America and Slate Property Group’s 44-unit condo at 251 First Street, which has a projected sellout of $86 million. It also partnered with Naveh Shuster Group to build the Nevins at 319 Schermerhorn, which has a projected sellout of $91 million.
Adam America’s other major developments include 595 and 577 Baltic Street in Boerum Hill, 120 Union Avenue in Williamsburg at 275 Fourth Avenue in Park Slope.
Last month, The Real Deal explored how steep land prices and retreating lenders could constrain condo development supply in Brooklyn.
This story was updated to include details about the site’s ownership.
(To view a chart of submitted condo filings in Brooklyn over the last 10 years, click here)