The Real Deal New York

Pink Stone’s “Warehouse 180” rental building in DoBro hits the market

Developer is shooting for pricing north of $60M
By Rich Bockmann | December 04, 2018 03:30PM

Richard Ohebshalom and 180 Nassau Street in Brooklyn (Credit: Facebook and Fischer Rasmussen Whitefield Architects)

Another one of Downtown Brooklyn’s new rental buildings is now up for sale.

Pink Stone Capital is shopping around its 103-unit “Brooklyn Warehouse 180” apartment building – which includes amenities like a “reclaimed warehouse” lounge, “industrial” library, an urban farming roof deck, according to marketing materials.

No asking price is listed for the 10-story building at 180 Nassau Street, though a source familiar with the property said pricing is aiming for north of $60 million.

A representative for Pink Stone could not be immediately reached for comment.

The Soho-based developer – headed by founder Richard Ohebshalom – wrapped up construction in 2014 on the building, which is now 95 percent occupied with average rents around $60 per square foot.

The brick-clad building, which sits at the corner of Nassau and Duffield streets, has a 15-year 421a tax abatement that expires in 2027. But none of the units have affordability requirements because the property was developed in a 421a exclusion zone, a vestige of the old tax abatement program that’s no longer available through its successor, Affordable New York.

The building has 108,500 square feet of residential space spread across a mix of primarily studios and one- and two-bedroom apartments.

An Ackmann-Ziff team of Andrew Sasson and Chad Sinsheimer is marketing the property. The brokers declined to comment.

Pink Stone bought the development site for 180 Nassau Street in 2012 for $11.28 million from prolific Brooklyn developer Isaac Hager, who had planned to develop a $45 million, 85-unit condominium tower on the site.

It was among the first wave of new rental buildings that came online in Downtown Brooklyn post-recession, and helped spur the area’s transformation into a live-work-play neighborhood.

Several blocks away on the other side of DoBro’s Flatbush Avenue, CBZ Management is currently shopping its recently completed 110-unit BRiQ apartment building at 237 Duffield Street with an asking price of $100 million.

Pink Stone, meanwhile, found itself embroiled in a family feud last year when the 35-year-old Richard Ohebshalom filed two lawsuits against his father, Fred, claiming the elder Ohebshalom siphoned off funds from a trust set up to hold the son’s stake in a handful of New York properties.

The two sides had sought to settle things through mediation, but earlier this year conceded that they had reached an impasse. The cases are still ongoing.