Crains excerpt -
Brooklyn deal raises residential possibility
The sale of the building across from the City Point mega-project highlights not only downtown Brooklyn's large-scale development, but the desirability of sites citywide that can accommodate apartment towers.The real estate investment firm Savanna has acquired a development site across the street from one of Brooklyn's largest construction projects.
Savanna purchased 141 Willoughby St., a three-story building in downtown Brooklyn, for an undisclosed price from the Institute of Design and Construction, a school that provides construction training and that occupied part of the property. The site could support a fresh development of up to 240,000 square feet.
It sits just across the street from City Point, a massive new development with more than 500,000 square feet of retail space and two residential towers as well as a third residential spire at least 60-stories high on the drawing board. The development has come to reflect the growing interest in large-scale development in downtown Brooklyn. Together with the development of the Atlantic Yards a few blocks to the south, City Point is expected to usher in a new wave of residents and solidify the area's already-growing attractiveness as a residential neighborhood and a place to shop.
Savanna, which has been successful in the city in recent years buying real estate assets at opportune moments, like some other prominent owners, such as TF Cornerstone, is now taking its stake in the area's transformation.
"141 Willoughby St. is a prime location in downtown Brooklyn and we see tremendous future value in this ... property," Christopher Schlank, a managing partner at Savanna, said in a statement. "We are thrilled to be a part of the ongoing transformation of the immediate area."