New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Arch Companies Takes Over Development of Three Bushwick Projects
Arch Companies has closed a portfolio of three luxury apartment development projects in Brooklyn’s Bushwick neighborhood. The portfolio totals roughly 60 units at 435 Central Ave., 1010 Bushwick Ave. and 1351 Dekalb Ave.
The successful restructuring with the existing ownership group led by Denis Saklakov is a positive step towards restarting construction on the previously stalled properties, Arch said. The deal was brokered by Eli Terry and Jonathan Aghravi of JBA Equities.
Construction has commenced at all three properties. Each property is at a different stage of completion, with 435 Central Ave. the furthest along. Arch is using its in-house construction affiliate, Arch Builders, to carry out the developments.
Jeff Simpson, managing partner of Arch Companies, said, “We will prioritize rerouting construction and are thrilled to deliver these fully amenitized luxury properties to a market where a product of this kind is rare.”
Rendering of 1010 Bushwick courtesy of Z Architecture.
- ◦Sale/Acquisition
- ◦Development
