Property Overview
125 North 10th Street is a ground-up condominium development consisting of two six-story buildings with 86 condominium units, 24 rooftop cabanas and 51 parking spaces. It is located in the Williamsburg section of Brooklyn, NY in close proximity to the local subway, Bedford Avenue and McCarren Park.
Investment Strategy
In 2006, Savanna recognized the opportunity to purchase this condominium project at a prime location in Williamsburg, Brooklyn. Savanna was able to add significant value to the project within several months of purchase by analyzing the property's zoning and successfully securing a reconsideration allowing for an additional 6,500 sf of allowable building area from the NYC Department of Buildings. Savanna sought out a top-tier project team of architects interior designers and an experienced general contractor to complete the project. The high-end units boast sustainable local materials, in a conscious effort to create a standout condominium community that incorporates the local neighborhood's flair and craftsmanship. With construction on both buildings complete, Savanna is continuing to close units and manage the marketing process.
