Hudson Companies

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ts $478M sellout for BK Heights condo project The developer demolished the Brooklyn Heights Library last year

David Kramer and a rendering of 1 Clinton Street (Credit: Marvel Architects)

Hudson Companies plans to bring 134 condominium units to market at its 1 Clinton Street development with a total target offering price of $477.7 million, an offering plan filed with the New York state Attorney General s office shows.

The company demolished the Brooklyn Heights Library at the site last spring and is building a 36-story tower in its place that will include a new library at the base. City Council allowed Hudson to buy the library building for $52 million in 2015. The project will also include 114 units of off-site affordable housing.

The range of condo prices at 1 Clinton was not immediately clear, but they will average out to $3.6 million a piece. Only 4 percent of Brooklyn s new development condo inventory costs more than $3 million, according to recent Brooklyn data from Miller Samuel.

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Kramer declined to comment.

Community groups initially prot新上海贵族宝贝论坛

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ested the city s sale of the land to Hudson and unions decried Kramer s refusal to agree to only use union labor. I didn t feel it, Kramer said, when asked about the opposition to the project by the Commercial Observer in 2015.

In 2016, Hudson was looking to raise $110 million for the building through the EB-5 program. Last year, it closed on a $280 million construction loan from Starwood Property Trust and Related Fund Management.

Earlier this month, Hudson secured $335 million in loans for its La Central megaproject in the Bronx.

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udson companies, Residential Real Estate
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