MUSS VALUE ADD

 Oversight of land purchase, ground up development of 2.5 acre development, sales and marketing. 

PROPERTY OVERVIEW

Rising 30 stories, 1 Brooklyn Bay is the tallest residential tower in South Brooklyn. Ceiling heights of ten feet or more, sweeping floor-to-ceiling windows, and airy living areas in the luxurious 56 condominiums, highlight endless ocean and city views.  33,500 square feet of indoor and outdoor amenity space offers a state-of-the-art fitness center, resident lounge, children’s playroom, outdoor swimming pool with multiple seating areas and barbecues, an outdoor bocce court and a pool table. The building stands out as the apex of luxurious high rises in the South Brooklyn area and delivers an unmatched living experience.

INVESTMENT STRATEGY

While Brooklyn had been booming for years, we recognized the untapped potential of South Brooklyn in a way that few others did. When an old Verizon site in Sheepshead Bay became available, we immediately identified the value of its nearly 2.5-acre footprint—just steps from the B and Q subway lines. Building on the tremendous success of Oceana in Brighton Beach, where over 924 condominiums across 16 buildings sold out, we knew there was strong demand for high-end residences in this market.

We purchased a 101,789 sf vacant lot in the heart of Sheepshead Bay and partnered with Avalon Bay to create a 30-story residential tower with unparalleled ocean-to-city views. Structuring the project as a combination of rental and condominium units allowed us to develop 56 luxury condos on the top 11 floors, while Avalon Bay built rental residences below. By sharing the lobby and an extensive amenity package we leveraged the partnership to reduce costs, mitigate risk, and deliver a world-class residential offering to both ownership and rental markets.