Dumbo penthouse leads Brooklyn’s luxury market

Brooklyn’s luxury market activity continued its downward slide last week. There were 19 luxury contracts inked last week in Brooklyn, according to Compass’s weekly report on contracts for homes in the borough at asking prices of $2 million or higher. The combined value of the contracts was $60 million, with a median asking price of $2.89 million. Of the 19 transactions, apart from three condos, all properties were townhouses. The prior week saw 21 contracts

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Nightmare darkens for largest Brooklyn condo project of 2019

A 15-unit development at 19 Hausman Street in Greenpoint, which topped The Real Deal’s list of the largest Brooklyn condo projects in 2019, filed for bankruptcy in April and is now being sued by its creditors. Just three years ago, Rafi Manor’s firm, M Development, was a leading developer in Brooklyn with 12 active projects. Now, Manor is facing foreclosure actions on four Brooklyn properties he helped develop: 135 Bayard Street, 517 Brooklyn Avenue, 744

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Brooklyn sees 21 luxury contracts signed — again

Twenty-one contracts asking $2 million or more were signed in Brooklyn last week for the second week in a row, according to Compass’s weekly report. That total ends a five-week slide in the number of contracts signed in the borough, though it’s still well below sales activity in May, when weeks with 40 or more luxury deals were a regular occurrence. Taken together, the asking prices of these contracts were slightly higher this time around,

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Alloy lands $240M construction loan for Boerum Hill towers

After years of struggles to get the project off the ground, a new $240 million loan may finally prompt the start of construction of Alloy Development’s mixed-use “Alloy Block” complex in Boerum Hill. The Brooklyn-based developer closed on the construction financing package from Goldman Sachs, the Related Cos. and Ares Management, according to Crain’s, which reported that work can begin on the first phase of the project — previously known as 80 Flatbush — in

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On second thought, a Bed Stuy development plan falls apart

Michael Rosenberg had big plans for 248 Kosciuszko Street. The Brooklyn real estate developer had negotiated for a 50 percent stake in the two-family home in Bedford Stuyvesant. Rosenberg and the owner, Donald Brown, signed plans to raze the aging gray house and replace it with seven or eight apartments. Rosenberg had begun soliciting contractors and even set a demolition date. Then came the text. “Tell your under writers SORRY BUT WRONG TIMING I AM

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Porsche and Volvo sign leases at Industry City

A pair of European automakers are racing into Industry City. Porsche and Volvo have recently signed leases in the 16-building, 6 million-square-foot industrial complex in Brooklyn’s Sunset Park neighborhood, according to owners Belvedere Capital, Jamestown and Angelo Gordon & Co. Volvo plans to open 20,000 square feet of showroom and service center space in September, while Porsche is set to open a 10,000-square-foot showroom along with a 30,000-square-foot service center in January. Jim Somoza, Industry

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Grand Prospect Hall sold in Park Slope assemblage

Grand Prospect Hall in Park Slope is changing hands as part of a $30 million sale with 11 adjacent properties. The 12-property assemblage was sold to Angelo Rigas through limited liability company Gowanus Cubes, PincusCo reported, citing city records. All 12 of the properties are on Prospect Avenue between Fifth and Sixth avenues in Brooklyn and combine to form 73,104 square feet of built space. Rigas’s attorney on the deal, Oded Ben-Ami, declined to comment

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Pfizer Mansion sells for $9M, shattering Clinton Hill record

Move over, 315 Vanderbilt: There’s been a new record home sale in Clinton Hill, and it’s for more than $9 million. The famous Pfizer Mansion at 280 Washington Avenue sold for $9.1 million in late June, property records show. The last time Clinton Hill saw a deal anywhere near this size was in 2015, when 315 Vanderbilt Avenue, a former union hall repurposed as a single-family home, sold for $7.2 million. The 10,000-square-foot Queen Anne-style

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$400M affordable housing project approved in East Flatbush

Nearly 1,000 affordable housing units are coming to East Flatbush. A newly approved $400 million project will redevelop 7.2 acres of the campus of the Kingsboro Psychiatric Center at 681 Clarkson Avenue to provide affordable housing, public green spaces and a supermarket, among other things. Part of the state’s $1.4 billion Vital Brooklyn program, the project will be led by a consortium of developers and nonprofits, including Almat Urban, Breaking Ground and Douglas Development, according

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Brookfield confirmed as buyer behind $664M Sunrise Senior Living deal

Brookfield Asset Management has made a massive bet on senior living facilities. The investment firm was the buyer behind the previously reported sale of Sunrise Senior Living’s 32-unit portfolio by real estate investment trust Healthpeak Properties, a Brookfield representative confirmed to The Real Deal on Tuesday. The reported price tag was $664 million. The 3,235-unit portfolio spans the nation, including the 189-bed Sunrise at Sheepshead Bay, at 2211 Emmons Avenue in Brooklyn, for which Brookfield

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