10 Feb Romania’s biggest developer taking big steps in Brooklyn NY
Adam America, run by the former principals of a publicly traded development company in Eastern Europe, is rolling out seven new buildings in the borough in the next two years, starting with a Prospect Heights rental that launches later this month. “We’re putting all our chips on Brooklyn,” said Omri Sachs, one of the principals of the firm. The project, at 500 Sterling Place, is the first in a string of new developments that Adam America has planned for the borough, including a 78 unit rental building at 275 Fourth Ave., a 110 unit rental at 470 Fourth Ave. in Gowanus, a 169 unit rental project at 247 N. Seventh St. in Williamsburg and a 118unit rental at 180 Franklin Ave. in Clinton Hill.
“They’ve gone from zero to 100 in 21/2 years,” said Brooklyn broker Ofer Cohen of Terra CRG of the firm’s ability to scale quickly. “We love what’s going on in Brooklyn,” Sachs said. “Some people don’t like the gentrification, but I think it’s been doing wonders. Brooklyn used to be shy standing next to Manhattan. Now, Manhattan is its peer as opposed to its big brother.” Cover your ears, Spike Lee.
Romania’s largest developers are digging their teeth into Brooklyn — and
they’re moving faster than Dracula at a blood drive.
Studio apartments in the 77unit Sterling Place building start at $2,000, the company said. Most come with private balconies, and amenities include a gym, private parking, a gaming room and barbecue stations. Adam America is adding to the flush of new rental product coming online in Brooklyn, but luckily for the borough’s desperate homebuyers, it has some condo projects in the works as well, including a 74unit condo at 51 Jay St. in DUMBO. The company bought another condo site at 190 S. First St. in Williamsburg earlier this year, for $12 million.
Adam America is using investment from deep pocketed European supporters to fund its recent slew of projects. In some instances, it’s also partnering with local players, such as Silverstone Property Group. The principals of Adam America honed in on New York in 2010, after the tanking of the global stock market affected the prospects of their former company, Adama Holding Public, in Eastern Europe. They scooped up the Sterling Place development site for $6.8 million in 2012