Real estate developer Megalith Capital Management and Urban Reality Partners has teamed up with a subsidiary of D.C.-based asset manager: The Carlyle Group to develop a 12- story Dumbo condominium-and-rental project in the heart of Brooklyn’s ‘Dumbo’ area (acronym for Down Under the Manhattan Bridge).
These three contiguous parcels will be planned at 173 Front Street, 177 Front Street and 200 Water Street, amidst a classy and ritzy neighbourhood. At 200 Water Street, there will be two Landmarks-approved penthouse floors atop a four-story warehouse currently on the site. This means a promising new structure stems out of an old Brillo factory, destined to magnificently bloom into luxurious condominium residences and penthouses. A signboard placed right outside, boasts of ‘Gallery style residences coming up soon’.
Over the last decade, Dumbo’s once desolate landscape has transformed into a teeming waterfront playground. There was a popular trend of renewing existing properties to make way for multifamily accommodations, so with due permission from Landmarks for the revamping of the post-industrial-revolution era building into 15 modern terraced condominiums, Dumbo’s real estate industry began its second innings. It has now become synonymous with some of Brooklyn’s most expensive real estate and young nuclear families and independent working professionals find themselves amidst the new emerging list of buyers.
Mr. Sam Sidhu of Megalith Capital, is hopeful of even a third and fourth innings of redevelopment and modernization in Dumbo along with the rest of Brooklyn. Between 177 and 183 Front Street, another existing landmarked warehouse has been razed down to make way for a new 12-story luxury rental project. It will hold 105 rentals in a multifamily model, consisting of 1, 2, and 3-bedroom apartments, along with various modern amenities like security, fitness centre, bike storage and children’s playroom. He adds, “We are pleased to have a new equity partner and construction lender as we move forward with our continued goal to create new condominium residences and rental apartments within the context of this emerging New York City neighbourhood. We have assembled an impressive team led by Ari Aufgang of Aufgang Architects and these new financing partnerships come at an exciting time as we enter the next phase of the projects’ development.”
About Megalith Capital Management:
Founded in 2009 by Samveer Sidhu in collaboration with Bhanu Choudhrie, Executive Director, C&C Alpha Group, and The Imperial Development Group, Megalith capital Management is the brainchild of the best in the industry. With a net asset worth over a whopping $200 million in supply constraint markets, Megalith Capital has an impressive track record of building innovative and premium residential accommodations in upscale crowded urban areas.