Red Hook’s real-estate market is hotter than ever, but at least one developer wants out.
One week after losing a key round in Brooklyn Supreme Court, the owner of the warehouses at 160 and 162 Imlay St. has put his gutted buildings up for sale. Asking price: $70 million.
“At this point, he is just looking for a reasonable profit, so he can get out,” said Tom Russo, president of Red Hook Chamber of Commerce.
The massive warehouses have sat vacant next to the Brooklyn Cruise Ship Terminal for two years after several waterfront businesses sued to block developer Bruce Batkin from building condos on the working pier.
Supreme Court Justice Yvonne Lewis refused to dismiss the case last month, a decision that will freeze Batkin’s plans for at least another six months and cost tens of thousands of dollars in legal fees, maintenance and security for the building, legal experts said.
But Batkin denied that his $70-million “For Sale” sign amounted to a full retreat.
“We are proceeding with the 160 Imlay project — alone or with a partner,” said his spokesman, George Arzt, who admitted that “a tremendous, overwhelming offer” could take the developer out of the project altogether.
Batkin’s plan for 160 Imlay St. includes four floors of condos with ground floor retail and, possibly, some loft space for artists.
One of Batkin’s opponents, New York Water Taxi, wants to convert the pier into a ferry station. The company opposes residential development along that part of Red Hook’s working waterfront, even though it could create more ferry customers.