Gemini Rosemont Development, a New York City-based division of Gemini Rosemont specializing in developing premier 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 square feet of land with 200 feet of frontage along North First Street. The property was purchased from Kevsta, Inc., for $18.2 million.
Located in the desirable northside of Williamsburg, the property is one block from Bedford Avenue's primary shopping corridor, with notable retailers including Whole Foods, Equinox Fitness, Sweetgreen, Sephora and Apple Store.
"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 square feet as-of-right and up to 49,802 square feet of residential area under New York City's Inclusionary Housing Program. Development plans are not yet available.
"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.
About Gemini Rosemont Development
Gemini Rosemont Development specializes in developing premier residential and office properties.
The company's current projects include 101 W. 14th Street, a 44-unit luxury residential building in the Union Square neighborhood of Manhattan, and the newly acquired property at 171 North First Street in Brooklyn.
