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Arch Takes Over Stalled Williamsburg Resi Project

Arch Companies acquired 550 Metropolitan Ave., the site of a future six-story residential building with ground floor retail in Brooklyn’s Williamsburg neighborhood. Deal terms weren’t disclosed for the site, the fourth stalled project that Arch has invested in or restructured in New York City.

The transaction was brokered by Daniel Hilpert of Mortgage Equicap. Financing was provided by Tideway Capital Group and arranged by Mortgage Equicap and Arch Advisors, a subsidiary of Arch Companies.

“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.

The project will move forward under Arch’s ownership, with design by Alex Blakely of AB Architekten. Units will be designed by Veronica Mishaan, and Arch is engaging subsidiary Arch Builders to oversee construction management at the project.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
  • ◦Sale/Acquisition