Investors Flipping Downtown Brooklyn LED Skyscraper Site to Adam America, Slate

LED skyscraper: It sounds like an electronica group from the ’00s. But it’s actually a shorthand description of a 28-story tower with an unusual nighttime lighting scheme planned for a Downtown Brooklyn development site at 16 Nevins Street.

As we told you last year, Williamsburg-based developer Bushburg Properties was planning to put up 149 rentals here, along with some ground-level stores. Now subsequent investor-owners are flipping the property to Adam America Real Estate and Slate Property Group, who plan condos instead of rentals, according to a story in The Real Deal. They’re in contract for more than $50,000,000.

The buildings on the site were demolished in April, as we reported at the time, and plans for the skyscraper were approved the same month. However, a full permit has not yet been issued, slightly increasing the possibility the new owners might commission a new design. The applicant of record on the new-building application is the Stephen Jacobs Group, a large and award winning firm best known in Brooklyn for designing The Edge on the Williamsburg waterfront.

The buildings as they were being demolished in April

A stop work order issued in February for demo in an unsafe manner was resolved, according to the DOB.

The full addresses of the properties are 8 to 14 and 16 Nevins Street and 299 to 301 Livingston Street. The property last sold for $16,700,000, according to public records.

The building at 16 Nevins Street has been much written about, both here on Brownstoner and elsewhere. It gained its whimsical mock Tudor look in the 1920s and housed a restaurant called Joe’s, once a favorite haunt of local civic leaders and politicians.

Adam America and Slate are now among the most active of developers in Brooklyn. Their many large and prominent projects include 51 Jay Street in Dumbo, two large apartment buildings on 4th Avenue, the site of the former White Castle on Metropolitan Avenue in Williamsburg, a 133-unit building on the corner of Bedford Avenue and Eastern Parkway, and a 21-story tower at 319 Schermerhorn Street in Downtown Brooklyn.

Founded by Dvir Cohen Hoshen and Omri Sachs, Adam America builds, owns and operates commercial property. Founded by Martin Nussbaum and David Schwartz, Slate Property Group specializes in managing purchases, including financing.

Adam America, Slate to Pay $50 Million for Downtown Brooklyn Site [TRD]
16 Nevins Street Coverage [Brownstoner]

Another shot of the buildings in April

Photo above of 16 Nevins Street before demolition by PropertyShark