NEW YORK CITY– Arch Companies, a national real estate investment management company, has acquired 550 Metropolitan Ave., a six-story, and almost 10,000 square foot development in Williamsburg, Brooklyn. The stalled development project is the rm’s fourth investment and restructure transaction since launching in New York City two years ago.
“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 Jerey Simpson, managing partner at the rm, in a prepared statement.
Arch acquired the stalled project mid-construction when the demolition and pre-foundation work were done to see the asset through completion. Arch Builders will act as the construction manager for the development.
Architect Alex Blakely of AB Architekten and Veronica Mishaan, a member of the Hilton International global design team, will conceptualize the design elements of the property. The property features nine residential units and a ground-oor retail space favorable to the robust local leasing market.
Centrally located in the Williamsburg submarket, the property is in proximity to the Metropolitan Avenue G and Lorimer Street L train stations. “Williamsburg is one of New York’s most desirable neighborhoods,” said Jared Chassen, partner at Arch, in a prepared statement. “This building will be perfect for those looking for a home base near some of Brooklyn’s most exciting cultural offerings.”
By: Mariah Brown, Globe St