20-henry-street-101210.jpg
When we’re good, we’re good. We’ve been commenting on some telltale signs of a restart at 20 Henry Street for the past couple of weeks (like here and here) and, lo and behold, look at what hit the wires yesterday: A press release titled “Canyon-Johnson Urban Funds Join with Urban Realty Partners to Jumpstart Adaptive Reuse Project in Brooklyn.” That pretty much sums it up. According to the release, the 39-unit project is 30 percent complete and should be in a position again to start marketing a year from now. The new deal will provide the funding to complete both the 25-unit conversion of the existing Peaks Mason Mints building as well as the construction of the new 14-unit building on the adjacent lot. We’re certainly excited!
Canyon-Johnson Joins with Urban Realty to Jumpstart 20 Henry [BusinessWire]


What's Your Take? Leave a Comment

  1. They don’t even have to say “luxury”. They are. I agree that using the terms “burgeoning” and “adaptive reuse” is just an attempt to make it seem like they are NOT just finishing up a high-end project in a high-end neighborhood. (I guess they are hearkening back to before residential when it really WAS a working factory…long ago.) But I still think these will sell easily and in this case bhop is just deluded.

  2. Donald – yeah, for sure. I mean, this is just a press release, in line with Canyon Johnson’s mission. And they’re a for-profit so I don’t think it matters if they stray a bit from it. No reason why this can’t be “luxury” – see One Hanson Place.

    Oh wait, that might have been a rhetorical question.

  3. “unpaid loan balance discounted by 25%”

    Cancelled out by market decline thus far.

    “Press release says the project will remain condos.”

    They all do until it comes time to market them.

    ***Bid half off peak comps***