While its neighboring warehouse to the north, 62 Imlay Street, will soon be a storage space for Christie's, the long-planned condo conversion of 160 Imlay Street is unlikely to be realized anytime soon. The property does have some fresh-ish blood backing it, however: Imaly's principal developer, Bruce Batkin, was recently bought out by one of his partners, Bruce Federman. Federman, who has been called "the largest industrial landlord in New York"—he owns Sunset Park's Industry City complex—told us he's currently reviewing his options for 160 Imlay. Plans to convert the warehouse were held up during the boom years by litigation from a group of Red Hook residents (and major developers like Greg O'Connell and Douglas Durst), who opposed the development on the grounds that it was inappropriate in the context of the area's industrial character; a court finally cleared the way for its development last year. Federman says that while he would love to take the building residential, the market would have to bounce back somewhat before that happened. Meanwhile, he's also had offers from commercial tenants that he may consider. In other words: More wait-and-see for 160 Imlay.
160 Imlay Finally Gets the Go-Ahead [Brownstoner]
Christie's Makes a Winning Bid for Red Hook [Brownstoner] GMAP P*Shark
160 Imlay Changes Hands; Future Still Uncertain
Copyright Brown - Brownstoner