NEW YORK—Meridian Capital Group LLC has negotiated a joint venture equity investment by The Davis Companies with Cayuga Capital Management for the acquisition of the development site located at 101 West Street in the Greenpoint neighborhood of Brooklyn. Peter Steier, managing director, head of equity capital markets and Aaron Appel, managing director, both of Meridian, negotiated the transaction.
The Davis Companies will retain a majority stake in the transaction, while Cayuga Capital Management will act as the general partner and lead the development of the project.
The joint venture acquired the 12,444-sq.-ft. site in September for $5.2 million in an all-cash transaction. Currently the ownership is planning a 35,200-sq.-ft. multifamily building slated to contain approximately 50 apartment units. Units will have 9-ft. ceiling heights, gourmet kitchens with stainless steel appliances and private terraces and balconies.
Plans for the development also include recreational space, a parking lot with Zipcar availability and a laundry facility.
Located at the corner of Greenpoint Avenue and West Street, the property provides access to public transportation.