Adam America pays $36M for Boerum Hill
dev site

Developer plans a 12-story condo on the former church site

TRD NEW YORK /
Jul.July 05, 2017 02:55 PM

From left: Jackson Group’s Elliott Chehebar, 24 Fourth Avenue and Adam America’s Omri Sachs

Adam America Real Estate closed on the purchase of a Boerum Hill development site from the Jackson Group for $36 million, according to sources familiar with the deal.

Adam America, a prolific developer in Brooklyn, had been in talks to buy the former Catholic church site near the Barclays Center from an LLC controlled by Elliott and Ike Chehebar of the Jackson Group for months. The company plans to construct a 12-story condominium building that will feature 72 residential units and 6,657 square feet of ground-floor commercial space.

The roughly 150-year-old Church of the Redeemer used to be located on the parcel, but it has been demolished. Church leaders said the building had become structurally unsafe, and trustees of the Diocese of Long Island sold it for $20 million in 2014 to 561 Pacific, LLC, controlled by the Jackson Group.

The sale to Adam America was done directly with no broker involvement, sources said.

Omri Sachs, co-founder of Adam America, previously told The Real Deal he hopes to start construction on the condo project by early 2018.

(To view more commercial sales transactions from Adam America Real Estate, click here)


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