Brooklyn, NY: A joint venture between Megalith Capital Management and Urban Reality Partners has teamed up with a subsidiary of The Carlyle Group to develop a condo conversion in the heart of Brooklyn’s ‘Dumbo’ area (acronym for Down Under the Manhattan Bridge).
In the swish and swanky neighbourhood of downtown Dumbo, the development finds itself at 200 Water Street. A new structure is steadily taking shape out of an old Brillo factory, which is now destined to turn into luxurious condominium residences and penthouses. A signboard is placed right outside, touting ‘Gallery style residences coming up soon’.
Two years ago, when Landmarks gave its nod to the overhauling of the post-industrial-revolution era building into 15 terraced condominiums Dumbo’s real estate industry had just begun its second innings. Remodelling existing properties to make way for multifamily accommodations was a nascent trend then. But today, several new projects are coming up to capitalise on a new niche of buyers—young families and independent working professionals.
Mr. Sam Sidhu of Megalith Capital, nevertheless, sees scope for even a third and fourth innings of redevelopment and transformation in Dumbo along with the rest of Brooklyn. In fact next door at 177-183 Front Street, another existing landmarked warehouse has been knocked down to make way for a new 12-story luxury rental project, by the same developers. It will encompass 105 rentals in a multifamily model, consisting of 1, 2, and 3-bedroom apartments, along with various amenities such as security, fitness centre, bike storage and children’s playroom. The company will tag 20% of these residences as affordable housing options –the rents stipulated to be somewhere between $3,000 and $6,000. Both the projects have been designed by Aufgang Architects and are expected to be ready by next year.
About Megalith Capital Management
Megalith Capital Management was founded in 2009 by Samveer Sidhu in collaboration with C&C Alpha Group’s Mr. Bhanu Choudhrie and The Imperial Development Group. Mr. Sidhu, a Goldman Sach’s veteran, brings to the table extensive experience in business development, strategic planning and capital-raising efforts. Mr. Choudhrie holds an impressive portfolio in incubating and turning around businesses while The Imperial Development Group is a seasoned player in investment and development of real-estate assets.
With a net asset worth of over $200 million in supply constraint markets, Megalith Capital has a proven track record of building innovative and premium residential accommodations in upscale crammed up urban areas. The company focuses on capitalising on the residential real estate sector in and around New York. The firm carefully selects projects that stand out within their neighbourhoods, looking only to develop the most exceptional buildings, while respecting the local character of the landscape yet adding something new and innovative to the urban fabric.