Borough Park deal closes after years of litigation and delays

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

New York /
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

arrow_forward_ios
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
Rendering of 300 Huntington Street (Monadnock Development, iStock)
No parking? No problem for Monadnock project in Gowanus
No parking? No problem for Monadnock project in Gowanus
(Getty, Photo Illustration by The Real Deal)
Retail had its reckoning. Will subleases flood the market?
Retail had its reckoning. Will subleases flood the market?
arrow_forward_ios

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

Loading...