NEW YORK CITY—Working on behalf of Douglaston Develempment, HFF has closed the recapitalization of a 499-space underground parking garage located within the Edge, a mixed-use project in the Williamsburg neighborhood of Brooklyn.
In 2014, HFF worked on behalf of the seller to close the recapitalization of 1.19 acres of land entitled for the development of 2 North 6th Place now underway and the sale the existing 64,000-square-foot retail portion of the property.
The 499-space parking garage is part of The Edge, a master planned development featuring 565 constructed residential condominiums, 347 moderate-income units and 554 to-be-built residential units that will be located in a second phase tower. The Edge also includes nine street-level retail spaces leased to tenants such as CVS and Brooklyn Harvest Market. The complex is situated along Kent Avenue and North 6th street in Williamsburg.
The HFF team representing Douglaston was led by senior managing director Andrew Scandalios, managing director Rob Rizzi, senior managing director Eric Anton and associate director Colin Oberg.
“Douglaston was one of the pioneers along the Williamsburg waterfront and their continued investment within The Edge is indicative of the significant upside remaining in the area,” says Rizzi.
Douglaston Development, Levine Builders and Clinton Management work in partnership to acquire property, develop it to its full potential, and manage it creatively to assure that its investments achieve and maintain maximum value and profitability.
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