HK Org, Brickman look to sell Clinton Hill apartment building near the Navy Yard

first_img275 Park Avenue in BrooklynThe brand new Dock72 building at the Brooklyn Navy Yard is set to open this summer, bringing with it a slice of the 10,000 jobs the former ship yard is expected to add by next year.Now, the owners of a former Tootsie Roll factory turned loft-apartment building nearby are looking to cash in on what they think will be a wave of demand from Navy Yard workers.The HK Organization and Brickman Real Estate have put their 123-unit Chocolate Factory Lofts building in Clinton Hill up for sale with pricing guidance in the high-$60 million range, sources told The Real Deal. That works out to nearly $375 per gross square foot.The pricing, however, is not that far off from the $68 million that property records show the owners paid for the property at 275 Park Avenue five years ago.Representatives for the HK Organization and Brickman could not be immediately reached for comment. A Hodges Ward Elliott team of Will Silverman, Daniel Parker and Paul Gillen has the listing. The brokers declined to comment.Harry Kotowitz and Howard Klaus’ HK Organization teamed up with Brickman Real Estate – headed by founder and president Bruce Brickman – to buy the seven-story building in 2014.The previous owner, developer Aleksander Goldin, had purchased the factory property in 2000 and converted it into a mixed-use building with apartments under the J-51 tax program. The as-of-right incentive gives property owners a tax exemption and abatement on residential conversions in exchange for placing the units into the state’s rent stabilization program.The Chocolate Factory Lofts’ J-51 exemption expired last year, and now all of the units are market rate.In addition to the residential units, the property also has nearly 50,000 square feet of retail, which is leased to tenants including a small coffee shop and a gym.The owners refinanced the property in 2017 with a $60 million loan from LoanCore Capital.It’s not clear why the sellers are starting negotiations at a price that hasn’t appreciated much from the $68 million they laid out nearly five years ago. One explanation could be that they paid peak pricing at the top of the market in 2014.Brickman owns its investments through private funds that have a finite life cycle, which could impact its decision to sell.The neighborhood, meanwhile, is set to see an influx of new jobs. In addition to the WeWork-anchored Dock72 building that Rudin Management is codeveloping with Boston Properties, Steiner Studios is expanding its sound stage campus at the complex.The Navy Yard’s Wegmans supermarket is set to open later this year, and the 1 million-square-foot Building 77 is 85 percent leased following a $185 million renovation. This content is for subscribers only.Subscribe Nowlast_img read more

1 arrested, 1 sought in Beaumont brisket robbery

first_img Detectives worked with the Jefferson County District Attorney’s Office and were able to obtain a burglary warrant for Moraida’s arrest.Warrant Officers arrested Moraida in Beaumont at 2:05 p.m. Friday in the Avenues neighborhood (Forsythe and Avenue E).The white Ford sedan that he was driving was seized and towed. The investigation continues.The Sheriff’s Office said everyone is curious, asking ‘has the brisket been recovered?’ No, it has not. “We are still searching for the identity of the black male accomplice involved in this burglary,” the Sheriff’s Office said.If you have information about this burglary, contact Crime Stoppers at 409-833-TIPS (8477), log onto 833TIPS.com or download the P3 app. You could be eligible for a cash reward.center_img Courvilles Catering, 1700 Rose lane at Highway 90 in Beaumont, was burglarized around 5:20 a.m. Friday.The surveillance video captured the images of 2 men tearing into the cash register and stealing other items from the restaurant to include 5 briskets.Once the video was reviewed, deputies and officers from several agencies recognized the white male in the video as 51-year-old Tomas Moraida.Tomas Moraidalast_img read more

No knee jerk reaction to crime says Jamaican Security Minister

first_imgJamaican security minister Robert Montague says gangs in the country are under pressure With Jamaica’s murder rate racing close to 700 since the start of the year that country’s National Security Minister, Robert Montague says the Government’s response to crime will be based on facts and firm intelligence.Speaking at the United District Constables Association (UDCA) 37th Anniversary Church Service, held at the Portmore New Testament Church of God on June 18, Montague said there would be no knee-jerk reaction to the out of control crime rate.“It will not be a knee jerk response. It will be deliberate, studied and targeted. The illegal gun and gunmen are our targets,” he said.Montague described the causes of the  recent surge in incidents of crime as the twin problem of a proliferation of guns and a lack of information from the citizenry.“The number one twin problem that drives crime is the illegal gun and lack of information,” he said, “This government will not be engaging in any knee-jerk reactions. We urge all Jamaica to remain calm and understand that the government has laid a firm foundation with the five-pillar crime reduction strategy.”The said the five pillars are Effective Policing, Swift and Sure Justice Processes, Situational Prevention, Crime Prevention through Social Development and Rehabilitation and Redemption.last_img read more