Borough Park deal closes after years of litigation and delays

Seven-story office building will rise at 4202 Fort Hamilton Parkway

Dec.December 18, 2017 03:10 PM

4202 Fort Hamilton Parkway (Credit: Google Maps)

It took more than a decade, but a long-awaited deal in Borough Park has finally closed.

Abraham Wieder and a group of investors have closed on a contract for 4202 Fort Hamilton Parkway, where they are planning a seven-story building with office and community space, according to sources familiar with the deal. They went into contract for the space for $6 million in 2005, but factors such as extension fees, litigation and settlements have since pushed the total cost up to about $14 million.

The building will span approximately 120,000 square feet, which should be split between roughly 50,000 square feet of commercial space and 70,000 square feet of community space. Rents will go for about $70 per square foot on the first floor and about $50 per square foot on the upper floors.

The site is currently home to a White Castle, but the restaurant’s lease expires in January.

Bluestone Group will construct the project and help finance it with a $10 million loan.

Bernard Jacobowitz’s Davbel Properties bought a 1.5-acre Borough Hill development site at 886 Dahill Road in 2016 for $29.5 million, and Abraham Leser’s Leser Group is planning a residential building with 128 market-rate apartments at 1570 60th Street. The Real Deal took a detailed look at development in Borough Park in its October magazine issue.

Related Articles

When the coronavirus crisis subside, offices could do away with hot-desking (Credit: iStock)

How the coronavirus could change the office of the future

Absent federal assistance, landlords and real estate developers are at the mercy of their lenders. (Credit: iStock)

Landlords locked out of $350B Paycheck Protection Program

(Illustration by Daniel Castro Maia)

Why real estate is still tangled up with the mob

Paul Massey’s B6 Real Estate hit with layoffs

Paul Massey’s B6 Real Estate hit with layoffs

Judge Janet DiFiore and Judge Rowan Wilson (Credit: iStock, New York State Courts)

High court decision has tenants stewing, landlords oohing

US Steel’s sprawling South Works site is about the size of Downtown Chicago. At left, Common, who wants to partner with developers on a mixed-use entertainment district there, and Dan McCaffery, whose vision for a 13,000-home community fizzled out. (Credit: Common by Paras Griffin/Getty Images; McCaffery via McCaffery Interests; aerial by Cushman & Wakefield)

South Works, the 415-acre “magnificent property,” is Chicago’s biggest development opportunity

Sharif El-Gamal (Photo by Desiree Navarro/WireImage)

WATCH: Developer Sharif El-Gamal has Covid-19. But he’s one of the lucky ones

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel