A building in Boerum Hill owned by the New York Hotel Trades Council and Hotel Association of New York City Health Center, Inc. was purchased by Orange Management for $24 million, according to city records.
Orange Management went into contract on the building in 2016, but the deal didn’t close until January 31 of this year, according to the transaction documents.
The building at 68 Schermerhorn Street is currently a three-story commercial office building that houses medical offices. Last summer, Orange Management and Lonicera Partners filed permits with the City to develop redevelop the building into a 12-story luxury residential building with 55 housing units, a 3,363 s/f retail space and a fitness center.
A Cushman & Wakefield team of Stephen Palmese, Michael Mazzara, Thomas Freeland, and James Berluti marketed the building as a development site with 70,000 buildable s/f.
Both Lonicera Partners and Orange Management have previously developed ground-up residential buildings in Brooklyn. Last year, Orange Management completed 500 Waverly Avenue in Clinton Hill, a 50-unit new development luxury condo building. Lonicera Partners was part of a team that developed 153 Remsen Street in Brooklyn Heights, a 19-story luxury residential building that opened last year.