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January 8, 2015

Abraham Leser Plans Huge Borough Park Housing

Borough Park needs more housing for its growing Hasidic community and Abraham Leser is answering by developing a 230K SF block right on the border of Bensonhurst, NY YIMBY reports.


His Mapleton Group will head up the project, filed as 1560 60th St (above, an early rendering), with John Schimenti P.C Architect of Nassau County to design. Previous plans slated Karl Fischer Architect for design.

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Map data ©2012 Google

Leser scooped up the parcels as soon as the city approved the block for higher densities in 2013. The new development—currently the site of an ill-fated bowling alley—will become 128 spacious apartments of roughly 1,800 SF each, spread over 13 six-story buildings. (Good luck with the NIMBY'ers--No Interfering with My Bowling, Yo.) Leser—a longtime Brooklyn real estate insider who nabbed four mixed-use buildings in Murray Hill for $26.5M last October—also managed to avoid a requirement to provide off-street parking by giving each building no more than 11 units.

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Demolition Time at Huxley Envelope Factory

Ismael Levya Architects

A year ago, Greenpointers reported the Huxley Envelope building would be demolished as part of the NYS Dept of Environmental Conservation's major brownfield cleanup. It's finally happening, says the Brownstoner, for the artfully plagued block at 145-155 West St. Its hazardous waste and petroleum will be replaced by a 39-story tower with 600 apartments and 23K SF of retail. There will also be a 22K SF waterfront park and playground.

Developer Richard Mack of Mack Real Estate Group told the Wall Street Journal the aim is to create more affordable luxury apartments for Greenpoint's Millennial residents. And if the project turns out anything like the interior renderings (pictured) on Ismael Levya Architects's website, Greenpointers are in for a real treat.

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CPEX Turns the Page

Another year has come and gone, and it was a successful one for our friends at CPEX Real Estate. CPEX completed over 40 sales totaling more than 1M SF and nearly $200M. On the leasing side, CPEX got more than 30 leases signed for a whopping 350k SF of commercial space. But CPEX managing partners Tim King and Brian Leary tell us a new calendar means a clean slate and another year of CPEX hitting the phones and the streets to make it happen. To learn more about our sponsor and get a jump on their grand plans for 2015, click here or call (718) 935-1800.

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Treeline Expands With $30M Deal at 195 Montague St


You know you're a big deal when 700K SF isn't enough. Brooklyn landlord giant Treeline Cos has a solution for all the office tenants moving to downtown Brooklyn, Crain's NY reports: a $30M joint deal with Long Wharf Real Estate Partners and KABR Realty to add the four floors atop 195 Montague St (pictured) to its portfolio, an additional 70k SF.

Treeline already owns office buildings on Montague, Livingston and Remsen streets. Treeline CEO Glenn Schor tells Crain's he wants to attract larger creative and tech companies. One draw: Treeline controls the signage rights, sure to please a larger tenant. (We get happy just writing our name in the snow. Imagine a whole building.) 195 Montague St is home to government agencies like the Social Security Administration and the Bureau of Child Care Borough Offices. The space's current owner, Santander Bank, plans to leave by summer.

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Tishman Speyer Names New Global Property Manager

Tishman Speyer global property manager Michael Norton will step down tomorrow, according to an internal memo obtained by The Real Deal. He'll be replaced by Rockefeller Center asset management chief Thomas Madden.

In the memo, co-CEOs Jerry and Rob Speyer say “Mike has been with us for over 17 years and has been responsible for our first class property management platform.” Madden, who previously served as head of global property management before 2000, will return to the role while maintaining his Rockefeller Center title. Roughly half of Tishman Speyer's 99M SF international portfolio spans North America, with the rest spread across China (18M SF), India (12M SF), Brazil (10M SF) and Europe (9M SF).

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