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You are not logged in. Register now. February 9, 2010

In The News
133 Water St. Owners File for Bankruptcy
by Linda Collins (linda@brooklyneagle.net), published online 02-25-2009
 

The owners of a luxury rental building at 133 Water St. in DUMBO filed for bankruptcy protection Tuesday, according to BloombergNews.com.

As preveiously reported in the Eagle, 133 Water was a condominium project of Water Street Realty Group LLC, with Ron Hershko and Mike Resnick as principals. Just before the building received its TCO, it was converted to a rental building at a time when buyer interest started slowing for new construction and a few condos were converted to rentals.

The condominium project was designed by Scarano Architects with a lobby designed by FXFowle Architects.

Its 52 apartments were a mix of studios, and one-, two- and three-bedroom units and, when it was converted to a rental building in 2007, prices were ranging from $2,700 a month for a one-bedroom to $6,500 for an upper floor three-bedroom apartment.

David Maundrell, president of AptsandLofts.com, who was handling leasing at that time, said the proximity to the Manhattan Bridge would not be a deterrant because the developer had hired a noted acoustical engineering firm and invested in high-quality windows “so that the sound of trains and traffic simply wouldn’t be an issue.”

He also said the positive impacts of the panoramic views of the East River, the Brooklyn Bridge and Brooklyn Bridge Park would far outweigh any negative impacts of train and car traffic on the bridge.

Neither Maundrell nor the owners could not be reached for comment by press time Wednesday.

Per Bloomberg, as posted Wednesday, Feb. 25: “The company, in its Chapter 11 petition filed today in U.S. Bankruptcy Court in Manhattan, listed debt of $30.4 million and assets of $20 million. General Electric Capital Corp. is listed as the company’s largest unsecured creditor, with a “disputed” claim of $22.4 million. Broadway Bank also has an unsecured claim of $20 million, according to court documents.”

— Linda Collins

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© Brooklyn Daily Eagle 2009 All materials posted on BrooklynEagle.com are protected by United States copyright law. Just a reminder, though -- It’s not considered polite to paste the entire story on your blog. Most blogs post a summary or the first paragraph,( 40 words) then post a link to the rest of the story. That helps increase click-throughs for everyone, and minimizes copyright issues. So please keep posting, but not the entire article. arturc at att.net

 



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