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RedSky puts Greenpoint dev site on market asking $165M

Investment firm filed plans for 40-story apartment building on site in 2018

RedSky Capital’s Benjamin Bernstein and 1 Java Street in Greenpoint (Credit: ICSC and Google Maps)
RedSky Capital’s Benjamin Bernstein and 1 Java Street in Greenpoint (Credit: ICSC and Google Maps)

Brooklyn-focused real estate investment firm RedSky Capital has put another property on the market amid uncertainty over the valuation of its massive portfolio.

The company, along with its London Stock Exchange-listed partner JZ Capital Partners, are asking $165 million for the full block development site at 1 Java Street (a.k.a. 18 India Street) on the Greenpoint waterfront, Commercial Observer reported.

“The 1 Java Street development site offers unique large-scale conversion or ground-up development possibilities,” JLL’s Stephen Palmese said in a statement. “The property is located directly on the East River and overlooks Manhattan.”

RedSky acquired the site for $83.5 million in 2009, and filed plans for a 40-story apartment building with 470 rental units in 2018. Seven Valleys Capital, a lending business founded by Chinese real estate moguls Zhang Xin and Pan Shiyi, provided a $57.5 million refinancing that year.

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The partners have been liquidating their portfolio in recent months, after JZ Capital raised concerns about its valuation in November. RedSky, which brought the first Apple store to Brooklyn, was one the most aggressive investors in Williamsburg retail real estate this cycle.

A RedSky spokesperson told The Real Deal in November that the company was planning to put the Greenpoint site on the sale block.

RedSky and JZ Capital sold a building across from Barclays Center for $7 million in December. Last month, the partners reportedly defaulted on a $150 million loan from Apollo Commercial Real Estate Finance for a Brooklyn assemblage. [CO] — Kevin Sun

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GreenpointInvestment SalesRedSky Capital