20 Henry Street Deal Closed

By on October 4, 2007 8:55 pm in Development, Landmark Preservation, News, Real Estate

 

The Praedium Group has closed the sale of 20 Henry Street (Peaks Mason Mint candy factory) to Urban Realty Partners for $19.6 million. The property was originally listed in January for $22.5 million.  Before selling, Praedium had secured the Landmarks' approval to construct a 14,500 square foot, 4 story residential building (pictured) on the land currently occupied by a garden. The Brooklyn Heights Association had argued against that plan saying that the garden and modernist facade built at the site merited preservation.

Brownstoner reports that Urban Realty Partners also developed The Arches in Cobble Hill.

This week's Brooklyn Paper recounts all the events that lead up to the sale. 

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  • Anon

    When this property was being marketed for sale Praedium had not “secured” LPC approval. Praedium had gone before the LPC without first filing an application with the DOB, therefore LPC was not able to give approval for the project. What they did provide the owner with was a contingent approval. Contingent on them making an application to DOB, which I believe they never did. The property was marketed by Massey Knakal as if approval was given. However, the seller was not able to transfer any approval to the new owner because they never actually acquired it. MK brokers should get a pat on the back for selling a concept that was priced as a reality.

  • max

    That squatty building proposed for the vacant lot is sad. The new owners should provide the community with what is really needed. Parking! A nice, modern garage would be a godsend, would make a lot of money, and would garner the support of the rank and file even though the BHA Brahmins would be horrified.

  • simon

    Parking? Can’t….stop….laughing….

  • lady montague

    If you don’t like the parking situation, vote with your feet and move to a less dense neighborhood where you can park to your heart’s content. Since you mentioned community, let’s talk about what we really need – affordable housing, decent retail, etc. To think parking is at the top of the wishlist is absurd when we’re in such a transportation-rich neighborhood (both public transit AND car access).

  • epc

    Besides, it’s illegal to build stand-alone parking in New York City (though it could sneak through as parking for 20 Henry)

  • No One of Consequence

    With all the talk about parking, didn’t anyone notice the fate of the Nova Clutch building?

  • Parking Please

    Parking is a great idea. The parking in this area is far overcrowded and a new lot would do a great deal to relieve it. Saying that if you dont like the parking situation than you should move is a rediculous argument. Basically you are saying that if you dont like something about the neighborhood that instead of trying to change it you should just move.

  • http://www.paulozelinsky.com Paul Zelinsky

    The only thing I like about this projected building is the four transparent trees they are planning to grow alongside of it.

  • brad

    sad – they should have preserved the exterior and turned the inside into loft apartments