Muss seeks $63M sellout for Sheepshead Bay condos
The developer filed an official offering plan for 56 units
Muss Development is moving forward with plans to include 56 condominium units in its Sheepshead Bay residential project.
The company just filed an official condo offering plan for 1501 Voorhies Avenue, a 28-story project being co-developed by AvalonBay Communities [TRDataCustom], documents filed with the state Attorney General’s Office show. Muss and AvalonBay filed a “test-the-market” application for the project in October to gauge buyer interest in creating 56 of the building’s 232 units condos. The condo units will be on the top floors of the building and have a projected sellout of $63.2 million, documents indicate.
Representatives for Muss and AvalonBay weren’t immediately available to comment.
The partners filed plans for the project in September 2014 after buying the site a few months earlier for $16.2 million. At 331 feet tall, the building is expected to be the neighborhood’s tallest. It will include 260,000 square feet of residential space and 15,000 square feet of commercial space.
Developers are increasingly targeting Sheepshead Bay — where land remains fairly cheap — to court middle-market condo buyers. Rybak Development, for example, is offering 58 condo units priced between $535,000 and $1.7 at 1821 Emmons Avenue. The development has a total projected sellout of $77.2 million.
In August 2015, Muss principal Joshua Muss sat down with The Real Deal for a Closing interview. His firm has developed more than 15 million square feet of real estate in the city, focusing primarily on the outer boroughs.
Virginia-based real estate investment trust AvalonBay is also currently working on a mixed-use rental development on the Upper East Side.