NEW YORK CITY—The DUMBO-based real estate firm Alloy Development and the Davis Companies, a Boston-based real estate investment, development and management company, acquired two buildings at 42 and 50 Jay St. totaling 79,000 square feet from Phoenix House for $52.25 million. The building at 42 Jay St. is 46,000 square feet and the one at 50 Jay St. is 33,900 square feet.

The buildings are two of the last remaining, classic industrial lofts in DUMBO, Brooklyn. The new owners will convert them into a single, 46-unit residential structure renamed 168 Plymouth St. A private courtyard will connect the buildings that will house townhouses, lofts and penthouse units.

“As long-standing residents and members of this community, we look forward to embarking on this new project that celebrates DUMBO's unique character,” says Jared Della Valle, CEO and co-founder of Alloy Development.

The architectural plans preserve the distinct styles of the original buildings, one brick-and-timber and the other concrete with daylight factory windows. The property will feature modern industrial design, respecting the history of the neighborhood and the building. It is also down the block from DUMBO's 85-acre waterfront park.

On behalf of Alloy Development, HFF arranged the joint venture with the Davis Companies.

JLL represented the seller and the buyer in the deal. The JLL team included Bob Knakal, Stephen Palmese and Michael Mazzara.

HFF secured construction financing from Bank OZK. The HFF debt and equity placement team included Christopher Peck, David Giancola, Jeff Julien, Peter Rotchford and Kristen Knapp.

“The thoughtful aesthetic and community focus that Alloy brings to development has helped transform DUMBO into the neighborhood it is today,” Peck says. “It was a privilege to work with them to help identify the optimal capitalization as they add to their legacy of transformative projects in the area.”

This is Alloy's fifth project in DUMBO. Its other developments in the neighborhood include 192 Water St., 185 Plymouth St., Dumbo Townhouses and One John St.

Instant Insights /

Alloy Development and Davis Companies Converting DUMBO Lofts

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