By Orlando Lee Rodriguez
Real Estate investment and development firm Bonjour Capital has broken ground on what will become the newest luxury development along Brooklyn Heights’ landmarked main strip.
The development site, located at 172-174 Montague Street, between Court and Clinton Streets, was purchased last year by Bonjour in a $12 million all cash deal from a Florida retiree who had owned the property since 2002.
The building — designed by Daniel Goldner Architects — will be a 62-unit, 19-story rental. Retail will be located on the ground floor and in the basement. Mount Vernon based Cava Construction & Development will be handling construction.
Prices for the units have yet to be determined, but sources say that prices per square foot will be in line with surrounding properties on both Clinton and Montague Streets, which now rent in the area of around $70 psf.
The project will take around 18 months to complete and should be ready for occupancy either at the end of 2014 or the beginning of 2015.
Brooklyn Heights, largely a landmarked district, does not get the opportunity to see too much new construction west of Court Street.
Montague Street, where the Bonjour project will be located, traditionally has been the neighborhood’s main retail thoroughfare as the primary approach to the popular Brooklyn Promenade.
This is the third major project that Bonjour has simultaneously underway in Brooklyn; a rental project at 333 Greene Avenue in Bedford-Stuyvesant purchased as an REO, and 525 Clinton Avenue in Clinton Hill, picked up in a foreclosure action.
The company tries to obtain value-added properties, although the Montague Street property was purchased at market value. Investors Bank also currently has a loan on the land.
“The best way to create value in this day and age is to connect imagination and innovation to real estate fundamentals,” said Charles Dayan, president of Bonjour Capital. “The Bonjour team is in full control, of every aspect of the project, from overall concept to the smallest details regarding materials and construction.”
