JMH JV Gets Green Light to Build in Brooklyn
- Jul 01, 2015
New York City’s Landmark Preservation Commission can make or break a proposed project and fortunately for JMH Development and Madison Estates, the agency just gave the partners the thumbs-up for their plans at the former site of Brooklyn, N.Y.’s Brooklyn Heights Cinema. The property will soon become home to a five-story luxury condominium building.
And it seems the third time’s the charm for the single-story structure that has stood at 70 Henry St. since 1896. LPC twice put the kibosh on plans by former owners, concerned about the preservation of the historic building’s aesthetics and integrity. However, JMH and Madison’s design, the brainchild of architect of record Morris Adjmi, garnered an infrequently obtained reaction from the LPC members: unanimous approval.
JMH and Madison have been in possession of 70 Henry St. since late 2012, when the partners shelled out $7.5 million for the property. Located on an approximately 4,160-square-foot corner lot, the property features roughly 14,300 square feet of development rights. The residences, which will be constructed on three new floors atop the existing structure, will be a welcome addition to condo-hungry Brooklyn.
Price tags in any real estate sector can serve as a good indication of demand, and demand for upscale for-sale multi-family product in Brooklyn is strong and growing stronger. The average price for luxury condos in the first quarter reached $1,819 per square-foot, marking a 6 percent year-over-year increase. Blame it on another borough. According to real estate firm The Corcoran Group, “Extreme inventory shortage under $2 million in Manhattan fueled the Brooklyn luxury sector gains.”