Lucky number? Est4te Four buys four more Red Hook sites
LA-based firm continues development tear in Brooklyn neighborhood
Los Angeles-based developer Est4te Four is sweeping through Red Hook with an acquisition of four more warehouse sites.
Est4te Four paid $33 million for the assemblage, including a three-building complex at 64-82 Ferris Street that formerly housed the New York Daily News’ printing presses. Plans call for a conversion of the warehouses into office properties and ground-up construction of buildings that would hold either hotel rooms or offices. The Ferris Street site sold for $17.5 million, while sites at 242 Coffey Street and 300 Coffey Street sold for $9.9 million and $5.6 million, respectively.
The developer launched sales last week at its 70-unit Red Hook condominium conversion at 160 Imlay Street, where the priciest unit is asking $3.86 million.
The firm, led by Stefano Marciano, already bought a parking lot at 62 Ferris Street and a parcel at 219 Sullivan Street, with an initial down payment of $1.6 million, as previously reported. [Brownstoner] — Mark Maurer