NEW YORK CITY-New Jersey-based Urban American LLC has assumed control over an unfinished condominium development in Williamsburg. The developer has taken control of the stalled 17,000-square-foot condo development at 170 N. Fifth St.
Brooklyn-based Lucky Boy Development had purchased the site on North Fifth Street in 2005 for $2.6 million and managed to finish nearly 70% of the construction work. Urban American bought the debt on the development in March and in January it assumed control over the property. For the full story, go to Wall Street Journal.
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