Bridgewater buying 1.5-acre Greenpoint site for $61M

Developer's suit alleging seller Quadrum ghosted on a JV was recently dismissed

New York /
Jun.June 14, 2017 01:25 PM

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)


Related Articles

arrow_forward_ios
Photos courtesy of HAP Investments
HAP Investments unveils new plans for Jersey City high-rise
HAP Investments unveils new plans for Jersey City high-rise
Photo Illustration of BioMed Realty CEO Tim Schoen and Alexandria Real Estate Equities CEO Joel S Marcus. (Getty, BioMed)
Life sciences boom continues with 36M sf in works
Life sciences boom continues with 36M sf in works
From left: Flex’s Shragie Lichtenstein; Piñata’s Lily Liu; NestEgg’s Eachan Fletcher; and Till’s David Sullivan
These startups want to guarantee your rent
These startups want to guarantee your rent
Clockwise from top left: Seattle, Boston and New York City (Photo Illustration by Kevin Rebong for The Real Deal)
Real estate prices fell more in Manhattan than anywhere else in 2020
Real estate prices fell more in Manhattan than anywhere else in 2020
What last year’s biggest real estate lawsuits mean for 2021
What last year’s biggest real estate lawsuits mean for 2021
What last year’s biggest real estate lawsuits mean for 2021
Related’s Stephen Ross and 265-275 Cherry Street (Google Maps; Getty)
NYC investment sales showed signs of recovery at end of 2020
NYC investment sales showed signs of recovery at end of 2020
Gotham's Joel Picket and David Picket with 538 10th Ave. (Google Maps)
Gotham plans massive mixed-use building on Far West Side
Gotham plans massive mixed-use building on Far West Side
Tishman Speyer CEO  Rob Speyer and The Spiral as seen on January 21, 2021 (Photos via Getty Images; Illustration by Kevin Rebong)
Tishman Speyer’s half-empty Hudson Yards tower tops out
Tishman Speyer’s half-empty Hudson Yards tower tops out
arrow_forward_ios

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

Loading...