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Sunday, June 8, 2014

Big developer shifts attention from Romania to Brooklyn

Daily News excerpt -

Romania’s largest developers are digging their teeth into Brooklyn — and they’re moving faster than Dracula at a blood drive.

Adam America, run by the former principals of a publicly traded development company in Eastern Europe, is rolling out seven new buildings in the borough in the next two years, starting with a Prospect Heights rental that launches later this month.

“We’re putting all our chips on Brooklyn,” said Omri Sachs, one of the principals of the firm.
The project, at 500 Sterling Place, is the first in a string of new developments that Adam America has planned for the borough, including a 78-unit rental building at 275 Fourth Ave., a 110-unit rental at 470 Fourth Ave. in Gowanus, a 169-unit rental project at 247 N. Seventh St. in Williamsburg and a 118-unit rental at 180 Franklin Ave. in Clinton Hill.

“They’ve gone from zero to 100 in 21/2 years,” said Brooklyn broker Ofer Cohen of TerraCRG of the firm’s ability to scale quickly.
“We love what’s going on in Brooklyn,” Sachs said. “Some people don’t like the gentrification, but I think it’s been doing wonders. Brooklyn used to be shy standing next to Manhattan. Now, Manhattan is its peer as opposed to its big brother.”

http://www.nydailynews.com/life-style/real-estate/romanian-developer-big-steps-brooklyn-article-1.1816898

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