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Flipping Out for Conversions

How much is an LPC-approved conversion-ready Dumbo warehouse worth? $45 million, apparently. That's how much Silverstone Property Group paid for 201 Water Street, a three-story industrial building. Just this past December, the building sold to Rabsky Development for $25 million, so they made a pretty penny on the flip. The developers' hopes for 126 Karl Fischer-designed apartments were squashed by the DOB, but they paved the way for a conversion by getting Landmarks approval to add 50,000 to 75,000 square feet of residential space. Silverstone is planning 85 to 90 units over six floors. [Brownstoner and TRD]

201 Water Street

201 Water Street, Brooklyn, NY 11201