Davis_COLOR_Logo
340 Court Street
340 Court StBrooklyn, NY 11231

Thesis

Through an off market process, The Davis Companies recapitalized a stalled for-sale residential development project in the Carroll Gardens neighborhood of Brooklyn at 50% of the prior ownership’s investment basis. The Davis Companies structured an equity joint venture with the original investor and a strong local developer.

Execution

The project was originally started in 2006, however, the development stalled after the project was designed and permitted, tax abatements procured, the foundation poured, structural steel purchased, and $40 million had been invested.

This area of Carroll Gardens had seen little new development but with one of the best school districts in NYC and excellent transportation options into Manhattan, it was highly desirable to working families. The Davis Companies’ business plan was to complete the construction of the project and market the units for sale.

Asset Class

Fund

Fund I

Year Sold

2014

Location

Brooklyn, NY

Units

43 Units