NEW YORK, NY – October 17, 2019 – Arch Companies is pleased to announce its recent acquisition of 550 Metropolitan Avenue, the site of a future six-story residential building with ground floor retail in Williamsburg, Brooklyn. The transaction was brokered by Daniel Hilpert of Mortgage Equicap, with financing provided by Tideway Capital Group and arranged by Mortgage Equicap and Arch Advisors, a subsidiary of Arch Companies. This transaction marks the fourth stalled New York City development project that Arch has either invested in or restructured since the firm’s inception two years ago.
Demolition and pre-foundation work started at the site prior to Arch’s acquisition but progress had stalled. In order to move the project forward, Arch is stepping into the ownership and management of the project mid-construction. Under Arch’s leadership, the construction site will become a boutique luxury mixed-use building with nine efficient residential units and a ground-floor retail space. The building will be designed by architect Alex Blakely of AB Architekten, a firm that has received multiple Building Brooklyn Awards, including 2019’s Best Mid-Rise Residential Award. Units will be designed by Veronica Mishaan, a member of the Hilton International global design team and a firm recognized by Elle Décor as a top Colombian designer. Arch is engaging Arch Builders, a subsidiary of the firm, to oversee construction management at the project.
“The acquisition of 550 Metropolitan plays to Arch’s combined strengths to source and structure capital creatively for stalled development deals and deploy its in-house development and construction capabilities,” said Jeffrey Simpson, Managing Partner at Arch Companies.
Located near the Metropolitan Avenue G and Lorimer Street L train stations, 550 Metropolitan sits at the heart of the Williamsburg neighborhood, Brooklyn’s dynamic cultural center, known for its rich cultural and industrial history, cutting edge entertainment and arts, shopping and dining options.
“Williamsburg is one of New York’s most desirable neighborhoods,” said Jared Chassen, Partner at Arch Companies. “550 Metropolitan is ideally located for walking access to everything the vibrant and popular Williamsburg and Greenpoint neighborhoods have to offer, as well as transit access to Manhattan and outer Brooklyn. This building will be perfect for those looking for a home base near some of Brooklyn’s most exciting cultural offerings.”
This acquisition follows Arch Companies’ recent purchase of other residential properties across the U.S. and is another important asset in the firm’s growing portfolio. Since Arch’s inception, it has acquired residential properties in New York, Florida, Connecticut, Alabama and California.
About Arch Companies
Arch Companies specializes in real estate investment, development, construction and asset management across the United States with a concentration on primary and secondary markets. Jeffrey Simpson and Jared Chassen founded Arch Companies on the premise that investment in real estate should be driven by sound market fundamentals, a flexible time horizon and strong alignment of interest between investors and managers. With more than 35 years of experience, Arch Companies has a strong track record of driving investment results. Arch Companies differentiates itself by providing hands-on real estate investment management, creative deal structuring, and transparent communication with partners.