27 Nov PRIME ROK BREAKS GROUND ON $13 MILLION DEVELOPMENT
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Brooklyn, NY Midtown-based development firm, Prime Rok Real Estate, closed on the acquisition of a 4,700 s/f development site on Bedford Ave. in Bed-Stuy and broke ground in the beginning of December. Slated at a value of $5.26 million, 1044 Bedford Ave. is the future location to a 24-unit multifamily property that will feature various amenities such as a gym, doorman, and roof-deck lounge to appeal to the large influx of professionals and young families that are relocating to the neighborhood.
Afshin Hedvat, principal of Prime Rok, views this project as an opportunity to establish his firmâ€™s presence in Bed-Stuy, which has seen exponential growth in the last five years. â€œBedford Ave. is a main thoroughfare that spans across the borough. Market research suggests a large influx of condo buildings have been and will be sprouting throughout the avenue, but we are interested in providing new development rental product that has been largely lacking in the area,â€ he said.
Acquisitions manager, Shah Eatemadpour, has a bright outlook on the neighborhood as well. â€œWith 24,000 buildable s/f over 24 units, some being duplexes, Prime Rok will deliver spacious, high end living at a rental price point that that cannot be matched in Manhattan and more developed areas of Brooklyn.â€
Developer pushing into Brooklyn
Prime Rock Real Estate has purchased a development site at 1044 Bedford Avenue for $5.3 million.
The acquisition is among the companyâ€™s inaugural push into both the multifamily and Brooklyn markets.
CPP brokered the deal for the land and represented both Prime Roc and the seller, 55 Gates LLC. The developer has received approval on plans for a 24-unit rental building that will hold 24,250 s/f of space over seven stories. It will also have a roof deck on top.
Shah Eatemadpour, acquisitions manager of Prime Rok, said construction on the project is expected to begin this month and will take anywhere between 18 and 24 months to complete.
â€œWeâ€™re extremely active right now,â€ Eatemadpour continued. â€œPrime Roc has been around about eight years now and weâ€™ve really been ramping up in the last year or so, looking to purchase development sites and value add properties around Manhattan, Brooklyn, and Queens.â€
credit: Real Estate Weekly
Back in 2014, YIMBY reported on filings for a seven-story, 24-unit residential building at 1044 Bedford Avenue, in western Bedford-Stuyvesant, and renderings surfaced of the project earlier this year. But this past October, Prime Rok Real Estate acquired the site for $5.26 million, according to DNAinfo, and their in-house team has made slight design changes. The latest plans retain what was previously approved â€“ that the majority of rental units will have one- and two-bedroom configurations. Construction is expected to begin later this month and should be finished by 2017.
A 24-unit, seven-story apartment building is set to rise along Bedford Avenue, with construction expected to begin in December, according to a new developer who picked up the property.
1044 Bedford Holdings LLC bought the lot at 1044 Bedford Ave. in October for $5.26 million, according to city records. The company is a subsidiary of Manhattan-based commercial real estate development and investment firm Prime Rok Real Estate, representatives said.
The site was previously owned by 555 Gates LLC, records show, and changed hands several times in the past two years.
Prime Rok plans to keep in line with most of the original proposals filed for the site by another previous owner, Devhop LLC, according to Shah Eatemadpour, Prime Rokâ€™s head of acquisitions.
The new building near the corner of Lafayette Avenue will cover a projected 24,253 square feet, Eatemadpour said, with a mix of one and two-bedroom rentals as well as duplexes on the ground floor.
There will be space for a roof deck, along with a lounge and gym on the bottom floor, he added.
1044 Bedford Ave. would be one of the latest additions to a major Bed-Stuy corridor that some brokers call â€œcondo canyon.â€
Prime Rok released a new rending of the project from their in-house architect, which shows floor-to-ceiling windows and a blue and gray-toned faÃ§ade.
Construction is anticipated to begin next month, Eatemadpour said, with an estimated completed date in December 2017.