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Acquisitions

Alloy Development buy 42 & 50 Jay Street

Properties span 68,500 SF

42 & 50 Jay Street (Credit: Alloy Development)

Alloy Development and The Davis Cos. have acquired 42 & 50 Jay Street in Dumbo from Phoenix House for over $52.3 million, according to TRD and Crain’s. The interconnected buildings span a total of 68,500 square feet, and are being delivered vacant. 

What comes next: Alloy plans to convert the loft buildings into 46 residential condos. The firm appeared before the city’s Landmarks Preservation Commission yesterday for approval of their redesign. The proposed building would span 92,250 SF, and contain 46 units (average size: 1,850 SF).

Takeaway: The properties were recently gut-renovated, and were previously used as an inpatient rehab center and traditional office space.

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