Alloy Development is purchasing a pair of interconnected buildings in Dumbo for more than $50 million.
The company is in contract to buy 42 Jay Street and 50 Jay Street from Phoenix House, an organization that helps people struggling with substance abuse, according to property records and sources familiar with the deal. The building at 50 Jay Street stands five stories tall, while the building at 42 Jay Street stands seven stories tall.
Phoenix House put them on the market in January, and they were valued at roughly $60 million. Although the exact purchase price was unavailable, sources confirmed that Alloy is buying the properties for between $50 million and $60 million.
A representative for Alloy did not immediately respond to a request for comment, and a spokesperson for Phoenix House declined.
Alloy is currently at work on a massive project at 80 Flatbush in Downtown Brooklyn that is expected to include 900 residential units, 200,000 square feet of office space, 40,000 square feet of retail, 15,000 square feet of space for a cultural center and two schools. It would stand 986 feet tall, although Brooklyn Borough President Eric Adams recently advocated shrinking it to 600 feet.