Owners Seek Approval To Add Fifth Floor
By Linda Collins
Brooklyn Daily Eagle
DUMBO — A new 200-seat theater is planned for 192 Water St. in DUMBO, the former home of the East New York Fancy Basket Company.
Developer Kay Water Properties LLC of Elmont, N.Y. plans to convert the old four-story warehouse to 18 loft-style units and add two floors with a setback.
In seeking a zoning variance to allow residential — which received Board of Standards approval — Kay contended that “the building is no longer conducive to manufacturing” and attempts to sell it for that purpose had failed.
Carol Ann Flint of Besen & Associates handled the transaction on behalf of Kay Water Properties.
The Fancy Basket Company, which dates back to 1900, had vacated the building several years ago. The four-story building sits on a 57.5-foot by 100-foot lot.
The new owners, identified as DumboSpace LLC, plan to convert the ground floor and part of the lower level into a 200-seat theater; add a recording studio and gallery on the second floor; and create 10 condominium units on floors three through five. The theater, which includes the basement and the first two floors is a project of Little Feather Works, and the 10 condos are a separate project of Maxanne Realty.
“We hope to add a fifth floor but we must first get approval from landmarks [the Landmarks Preservation Commission],” said Soonbin Kim, who is an owner along with her husband, Jae Kim.
The Kims, principals of Maxanne Realty Inc., are former Fort Greene residents now living in New Jersey who have been in real estate and development for several years. They have real estate holdings and development projects in New Jersey, Williamsburg and now DUMBO.
“My nephew is a classical musician and composer,” she said. “When he was shooting an independent film last year, he found out how difficult it was to find a recording studio.”
She said they have already been working on the project for several months, hiring engineers, including acoustical engineers from Lincoln Center Jazz.
“It has turned out to be a much bigger project than we thought. And we have to do it right,” she said, adding that her nephew is in charge of the theater project.
The Kims hope to begin lower level excavations in January and will add the fifth floor as soon as approval is obtained. They hope to have the entire project completed by the end of next year.
© Brooklyn Daily Eagle 2007
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