Israeli Contractor Teams With New York CM on Brooklyn Warehouse Condo Rehab
In its first U.S.-based joint venture, Israeli contractor Danya Cebus Ltd. has teamed with New York City-based Hudson Meridian Construction Group LLC on a $33-million project to convert a three-story industrial warehouse landmark, located in the historic DUMBO section of Brooklyn, N.Y., into a 74-unit condo.
The project, set amid structures that date to the 19th century, will involve converting the 90,000-sq-ft building to a seven-story, 170,000-sq-ft structure while restoring the exterior landmarked facade. The interior of the building, which had housed artist studios, will include duplexes, penthouses and a townhouse, say the construction firms.
DUMBO, an acronym that stands for "down under the Manhattan Bridge overpass," is an old industrial district along the Brooklyn waterfront between the Brooklyn and Manhattan bridges. It gained city landmark status in 2007 and has become a key hub for artists and technology firms.
"The facade is to be restored, and new windows, in keeping with the industrial feel of the building, will be installed," says Hudson Meridian President William Cote.
Manhattan-based Slate Property Group is the project owner.
Work, which began in June and is set for completion in November 2015, will be done with non-union crews, according to Cote.
Danya Cebus will perform work through its New York City-based unit, Danya Cebus Construction LLC. The Israeli firm, one of the country's largest contractors that trades on the Tel Aviv stock exchange, specializes in both residential and infrastructure projects in Israel, Russia and Romania.
The firm, which has worked in the U.S., has not teamed with partners here, executives say. It is the building division of Africa Israel Investments.
Cote says the firms may also team on another Brooklyn project, but he declined to release further details.