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New York

Long Island investor snags Bushwick site for $36M

Sources say Hornig Capital Partners aims to rezone parcel for residential development

From left: Daren Hornig and 95 Evergreen Avenue in Bushwick, Brooklyn
From left: Daren Hornig and 95 Evergreen Avenue in Bushwick, Brooklyn

Long Island investor Hornig Capital Partners is in contract to buy a development site next to the former Rheingold Beer brewery in Bushwick, blocking a rival bid by Princeton Holdings.

If the deal goes through, Horning would pay $36 million for the site at 95 Evergreen Avenue, sources told Crain’s. Princeton Holdings had been in negotiations to buy the property for $2 million less, according to previous reports.

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Joe Berko, president of Berko & Associates, represented both sides of the transaction.

Hornig Capital Partners is hoping to have the 135,000-square-foot warehouse building on the parcel rezoned to allow for residential development, sources told the website. Read Property scored rezoning approval for the former Rheingold facility in December. [Crain’s] – Tom DiChristopher

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BushwickPrinceton HoldingsRheingold Brewery