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Arch Companies Acquires Stalled Brooklyn Development

Arch acquired the stalled project mid-construction when the demolition and pre-foundation work were done to see the asset through completion.

NEW YORK CITY– Arch Companies, a national real estate investment management company, has acquired 550 Metropolitan Ave., a six-story, and almost 10,000 square foot development in Williamsburg, Brooklyn. The stalled development project is the firm’s fourth investment and restructure transaction since launching in New York City two years ago.

“The acquisition of 550 Metropolitan plays to Arch’s combined strengths to source and structure capital creatively for stalled development deals and deploy its in-house development and construction capabilities,” said Jeffrey Simpson, managing partner at the firm, in a prepared statement.

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Mariah Brown

Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.

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