The Real Deal New York

Blue Zees targets $59M condo sellout in
East Williamsburg

Developer began work on 147 Hope Street in 2015
By Will Parker | January 02, 2018 12:00PM

436 Keap Street (Credit: City Realty)

Blue Zees Real Estate is shooting for a total sellout of $59.3 million at its East Williamsburg condominium project, an offering plan filed late last month with the New York State Attorney General’s office shows.

The developer is at work on a 38-unit building at 147 Hope Street, also known as 436 Keap Street, where it first filed construction plans in February 2015. The six-story building has topped out and is nearing completion, photos posted on CityRealty in September show. But it looks like the developers did pull back on unit count — Blue Zees’ website still lists 50 residential units for the project. Alexander Compagno Architecture is the designer.

The average new development condo price in Northwest Brooklyn was about $1.5 million in the third quarter of 2017, according to a report from appraisal firm Miller Samuel. Blue Zees’ units at 147 Hope Street will average around $1.6 million.

Jay Stockwell, a principal of Blue Zees alongside Steven van der Zwan, was not immediately reachable for comment.

This isn’t the developer’s first go at Williamsburg. In 2012, it completed construction on the Williamsburg Cinema at 216 Grand Street. At 283 Grand Street, Blue Zees is planning a boutique “Passive House” condo project, according to its website.