Harlem may have moved past the Magic Johnson investment stage, but that's okay?there's still Brooklyn. After pouring $22.6 million into troubled Brooklyn project The Isabella, Magic Johnson's Canyon-Johnson Urban Funds has opened its wallet for 20 Henry Street, the Brooklyn Heights candy factory turned affordable housing turned luxury condos. The building was less than 30 percent finished when the money ran out and construction stopped, but, as the guys in suits hinted and the Journal now confirms, the Canyon-Johnson cash infusion is getting things started again. The developer plans to finish construction in 14 to 16 months, ending up with 25 units in the original building and 14 in a new building. Last time around, prices were in the $580,000 to $2.56 million range. Maybe with a little PriceChopper magic, some of the 1,900 interested buyers will be back.
· Investors Restart Once-Stalled Development [WSJ]
· 20 Henry coverage [Curbed]