The Real Deal New York

Bridgewater buying 1.5-acre Greenpoint site for $61M

Developer's suit alleging seller Quadrum ghosted on a JV was recently dismissed
By Mark Maurer | June 14, 2017 01:25PM

Quadrum Global’s Seth Schumer and an earlier rendering of 1 Huron Street in Greenpoint (Credit: Tan Architect via Brownstoner)

UPDATED, June 14, 4:30 p.m.: Bridgewater Capital Partners entered contract to buy a 1.5-acre waterfront Greenpoint site for about $60.5 million, after the dismissal of a year-long legal dispute in which the firm claimed it was pushed out of a joint venture to develop the site with owner Quadrum Global, sources told The Real Deal.

The Midtown-based development firm recently agreed to acquire the site at 1 Huron Street, which offers 180,000 buildable square feet for a residential project, for $60.5 million, sources said. The site holds a two-story, 80,000-square-foot warehouse.

The price comes out to about $320 per buildable square foot.

Quadrum, a London-based private equity firm, bought the site in 2014 for $45.5 million, with plans for two residential towers holding a combined 500 rental apartments. Bridgewater filed a suit in May 2016 alleging that the two companies agreed to form a joint venture, but Quadrum then cut the company out of the project.  In November, Quadrum put the site on the market for $60 million, scrapping plans to develop it itself.

The case was moved from New York State Supreme Court to U.S. District Court for the Eastern District of New York, and then was dismissed with prejudice on May 23, records show. Sources said Bridgewater dropped the claims in return for the opportunity to purchase the property.

It is unclear if Bridgewater intends to proceed with plans for two rental towers.

A Cushman & Wakefield team led by Mitchell Levine and James Nelson marketed the site for sale.

Representatives for Quadrum declined to comment, and Bridgewater and Cushman could not be immediately reached.

Mack Real Estate Group TRData LogoTINY and Palin Enterprises are in the process of building a 40-story condominium-and-rental tower nearby at 21 India Street.

Bridgewater, led by Mark Yunger, has another massive development site on its hands. The firm paid $30 million last year for a 38.8-acre site on Staten Island, where it plans to construct several mixed-use buildings.

Correction: A previous version of this story provided the incorrect price. It is $60.5 million. 

(To view more new construction projects in Greenpoint, click here)