The Real Deal New York

Is DDG building condops in Williamsburg?

Plans call for 38 apartments plus retail space at 102-110 North 1st Street
By Meenal Vamburkar | November 07, 2018 03:15PM

110 North 1st Street in Brooklyn and Joe McMillan (Credit: Google Maps)

Joe McMillan’s DDG Development looks to be bringing luxury apartments to the heart of Williamsburg, though it’s unclear whether they’ll be rentals or condops.

DDG on Wednesday filed permits for a seven-story building with 38 residential units spread across 39,000 square feet of residential space, according to filings with the city’s Department of Buildings.

The project is also set to hold 8,700 square feet of commercial space, and the plans indicate the development will include parking and bike storage. It will also have common and private terraces.

DDG did not immediately return a request for comment.

The company reportedly signed a 99-year ground lease for the site at 102-110 North 1st Street last year, meaning traditional condominiums are out of the question but condo-ops could be in play. Others who have tried the condop model — essentially a way of selling co-op units that have condo-like rules over a ground-lease — include Simon Baron Development at 269 West 87th Street.

After acquiring the 99-year ground lease, DDG later bought $740,000 worth of air rights from nearby plots.

DDG, which typically does condo projects, took on its first residential project in Brooklyn in 2016 with the redevelopment of the former Standish Hotel in Brooklyn Heights. The developer teamed up with Westbrook Partners to convert the property at 169 Columbia Heights from rentals to condos. Matt Damon is rumored to have went into contract on a unit asking $16.6 million.