MUSS VALUE ADD

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

PROPERTY OVERVIEW

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

INVESTMENT STRATEGY

Although Brooklyn has been booming for years, few understood the value of South Brooklyn, quite like we did. When an old Verizon site became available for purchase in Sheepshead Bay, we immediately understood the value of the nearly 2.5 acre property which was just steps from the B and Q subway. After seeing tremendous success in Brighton Beach, after their sellout of over 924 condominiums over 16 buildings at Oceana, we recognized that high-end condominiums in South Brooklyn were in high demand. 

We purchased a 101,789 sf vacant lot in the heart of Sheepshead Bay which allowed them to partner with Avalon Bay to build 30 stories of residential units with unparalleled ocean-to-city views.  By dividing the project into a rental and condominium development, we were able to develop 56 condo units on the top 11 floors, while Avalon Bay developed rental units below. With a shared amenity package and lobby, we were able to leverage the partnership to keep costs and risks low.  This also enabled the 56 units to share a large amenity package which includes an outdoor pool, outdoor loggia, fitness center, children’s playroom, pet spa, and a pet run.