Toby Moskovits’ Heritage Equity Partners has acquired a development site in the East Williamsburg section of Brooklyn for $29 million.
The 2.3 acre development site is located at 191-231 Moore Street, bounded by Seigel, White and Moore streets. It currently holds 50, 000 square foot industrial warehouses and a lot of empty land. It comes with 170, 000 buildable square feet of retail and commercial space and 1, 100 feet of frontage on Moore, Seigel, and White Streets.
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Cooper Tank and Welding Co, the site’s former owners, had used it to assemble oil and fuel storage containers.
Heritage has many options for the redevelopment of the property. It could build higher end manufacturing workspaces and offices, create new retail spaces there or even build a hotel.
Stephen Palmese, a broker with Massey Knakal who handled the sale, told Crain’s that gentrification in East Williamsburg, resulting from businesses looking for office space outside of the more expensive Manhattan, made the deal possible.
“You’re two blocks from the Morgan Avenue L train stop, which brings a lot of foot traffic and could make this a great retail site. It used to be that there was no real way to monetize a commercial site like this. Now, because the area has changed so much, you can do office, or retail or hotel, ” he said.
“This deal is about finding a commercial use to operate it profitably in the near term. In the future, huge value could be unlocked by a rezoning.”
The deal comes after Heritage acquired a 130, 000 square foot residential development in Crown Heights in June.
Toby Moskovits is the founder and Chief Executive Officer of Heritage Equity Partners, a family office advisory firm based in NYC. Heritage works with a global network of entrepreneurs and their families, supporting their diversification efforts in acquiring control and minority stakes in operating companies and real estate. In October of 2006 Toby founded Gotham Angels, a NYC based Angel Investment group focused on providing angel investors with middle market private equity opportunities. She has a B.Sc. from Touro College and an MBA from Bar Ilan University, both awarded summa cum laude.