Hudson Companies targets $478M sellout for BK Heights Condo Project

Hudson Companies plans to bring 134 condominium units to market at its One Clinton Street development with a target offering price of $478 million. The company demolished the Brooklyn Heights Library at the site last spring and is building a 36-story tower in its place that will include a new library at the base.

By: Will Parker | January 17, 2018

The developer demolished the Brooklyn Heights Library last year.

David Kramer and a rendering of 1 Clinton Street (Credit: Marvel Architects)

Hudson Companies plans to bring 134 condominium units to market at its 1 Clinton Street development with a total target offering price of $477.7 million, an offering plan filed with the New York state Attorney General’s office shows.

The company demolished the Brooklyn Heights Library at the site last spring and is building a 36-story tower in its place that will include a new library at the base. City Council allowed Hudson to buy the library building for $52 million in 2015. The project will also include 114 units of off-site affordable housing.

The range of condo prices at 1 Clinton was not immediately clear, but they will average out to $3.6 million a piece. Only 4 percent of Brooklyn’s new development condo inventory costs more than $3 million, according to recent Brooklyn data from Miller Samuel.

Hudson’s David Kramer declined to comment.

Community groups initially protested the city’s sale of the land to Hudson and unions decried Kramer’s refusal to agree to only use union labor. “I didn’t feel it,” Kramer said, when asked about the opposition to the project by the Commercial Observer in 2015.

In 2016, Hudson was looking to raise $110 million for the building through the EB-5 program. Last year, it closed on a $280 million construction loan from Starwood Property Trust and Related Fund Management.

Earlier this month, Hudson secured $335 million in loans for its La Central megaproject in the Bronx.

Original Post: therealdeal.com