LOS ANGELES, CA - Canyon-Johnson Urban Funds (CJUF) has purchased the 20 Henry Street development in Brooklyn, New York and will immediately begin completing the construction of 39 new condominium residences in the former Peaks Mason Mints candy factory. CJUF, the joint venture between Canyon Capital Realty Advisors and an affiliate of Magic Johnson Enterprises, has acquired the existing construction loan, bought-out the project's former equity and will make an additional equity investment to resume the currently stalled transformation of the 20 Henry project. CJUF is working closely with the original developer, Urban Realty Partners, to achieve the vision of revitalizing an underused historic property in the burgeoning Brooklyn Heights neighborhood.
Source: Canyon-Johnson Urban Funds
The capital infusion will enable construction, currently 30% complete, to restart immediately, positioning the project for an active sales and marketing campaign by fall 2011. Stribling Marketing Associates, one of the most renowned residential real estate brokerages in New York, will be leading the sales effort.
"As shown by our many investments in the area, we believe in Brooklyn, and are thrilled to be a part of the borough's ongoing transformation," said Canyon Managing Partner Bobby Turner. "This is exactly the type of dense, urban market where CJUF invests and we look forward to jumpstarting the adaptive reuse of this incredible historic property," he said.
"We love Brooklyn. It's a great community," said Canyon-Johnson partner Earvin "Magic" Johnson. "Stepping in to help complete the construction of 20 Henry will create jobs and bring new high-quality units to the neighborhood. This project will be great for the people of Brooklyn, and fits right into Canyon Johnson's program of investing in and bringing opportunities to urban America."
The new residences will be just steps away from the Brooklyn Heights Promenade as well as Pier 1 of the Brooklyn Bridge Park, the city's newest waterfront park. Lower Manhattan is just one subway stop away, or a quick 15 minute walk over the nearby Brooklyn Bridge. Also within close proximity are the 2, 3, A and C subway lines as well as DUMBO.
When complete, the 20 Henry project will consist of two separate buildings: the original seven-story candy factory with 25 condominium residences and a new adjacent property with 14 newly constructed condominium residences. The homes will feature ultra high-end finishes including Bosch kitchen appliances, extra-wide white oak hardwood floors and custom teak vanities. Residents will also have access to a fitness room, storage facilities and doorman, as well as private roof decks for the penthouse homes.
"We are thrilled that CJUF has stepped in and enabled us to move forward with this incredible project," said Shelly Listokin of Urban Realty Partners. "The CJUF team has a tremendous track record of success in Brooklyn, and years of experience breathing life and value into historic properties just like this. We look forward to working with CJUF and realizing the long-term vision for 20 Henry."
David Schechtman, a principal at Eastern Consolidated, was the broker for the transaction. For more information about the property, visit: www.20henry.com.
The Canyon-Johnson Urban Funds (CJUF) are one of the country's largest private real estate funds focused on the development of urban properties in underserved neighborhoods. A joint venture between Canyon Capital Realty Advisors and an entity of Earvin "Magic" Johnson's Magic Johnson Enterprises, the funds were formed to identify, enhance and capture value through the development and redevelopment of real estate in densely populated, ethnically diverse urban communities. Fundamental to Canyon-Johnson's investment thesis is its commitment to a "triple bottom line" philosophy of achieving superior financial results, fostering opportunities within urban communities, and embracing environmental responsibility. With nearly $2 billion in committed equity capital, the funds are positioned to facilitate more than $8 billion in development and revitalization in major U.S. metropolitan areas. For more information, visit www.cjuf.com.
Urban Realty Partners is a real estate development and management company that focuses on creating value through new construction, rehabilitation and repositioning of commercial, residential and mixed-use properties throughout the New York tri-state area. They have a particular focus on historically significant structures. The principals of the company, Stan Listokin and Shelly Listokin, have a combined sixty years of experience as developers and builders of luxury condominiums, institutional quality retail and office development, mixed-use entertainment complexes, high-end single-family homes, middle-market multi-family rental housing, as well as affordable and moderate income housing.
Stribling Marketing Associates was established in 1999 in response to Stribling's ever increasing activity in the project marketing arena. Today, it has grown into one of the most respected and successful project marketing groups in New York City. The division specializes in sales and leasing representation, marketing, and consulting and repackaging of new developments and conversions. The firm also provides comprehensive advisory services which include: strategic collaboration with architects to ensure optimum space design for each market, the creation of compelling brand and positioning for new developments, advice on creation of distinctive and unique marketing materials, and intelligent, honest, and experienced brokerage.