Gemini Rosemont Development, a New York City-based division of Gemini Rosemont specializing in developing residential and office properties, has acquired 171 North First Street in the Williamsburg neighborhood of Brooklyn, New York.
A one-story warehouse currently sits on 13,834 s/f of land with 200 feet of frontage along North First Street. The property was purchased from Kevsta, Inc., for $18.2 million.
Permits have been filed for a seven-story residential building at the site located one block from Bedford Avenue’s primary shopping corridor.
“Williamsburg residents want the neighborhood feel of a boutique building, and the amenities of a large building,” said Paul Gerwin, executive vice president of the Development division. “We are attracted to the property because the project size hits the sweet spot in meeting both of these lifestyle demands.”
The development site can accommodate 37,352 s/f as-of-right and up to 49,802 s/f of residential area under New York City’s Inclusionary Housing Program.
“We started our development business with the objective of expanding our real estate expertise beyond the role of owner/operator,” said Ian Brownlow, Gemini Rosemont’s chief executive officer. “This acquisition reinforces our commitment to grow the company’s ground-up development capabilities and pipeline.”
JLL’s Brendan Maddigan and Patrick Madigan represented the seller in the transaction, and Gemini Rosemont’s Scott Schubiner and Andy Wong lead the acquisition internally. The transaction closed on March 6, 2020.
According to YIMBY, Fogarty Finger Architecture is the architect of record on permits filed in February 2020.