As an opportunistic hands-on real estate investor, we are considered best-in-class partners with a variety of institutional, family foundation and high net worth individuals with whom we invest in each deal so that our interests are always aligned. Our block-by-block submarket expertise is a particular strength we bring to our joint ventures.
The Lookout Hill Condominium
199 State Street, Brooklyn, NY
When the garage structure on this site collapsed and zoning prohibited further such use, the owners embarked on an extensive search for a joint venture partner for a new residential development. We bested 20 potential suitors and quickly structured a partnership to develop a new, ground-up project – The Lookout Hill Condominium.
Our success lay in our ability to educate our partners on the strengths and weaknesses of the submarket both historically and at that moment in time and our sensitivity to neither overpromising nor under-delivering on sales prospects. As with many of our developments sales exceeded projections because we took a very conservative approach to the entire development process.
The 46-unit building featuring an array of amenities including a beautiful private garden, a children’s playroom, a live in superintendant and a full time doorman, was conceived with our architects, FX Fowle, and included studio to three-bedroom units, all of which sold out pre-completion. Pricing was extremely aggressive and spurred further gentrification of a centrally located Brooklyn neighborhood.
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