Bungalow Projects, Bain Capital file plans for 155K sf film studio in Red Hook
145 Wolcott Street (Credit - Cyclomedia)
Bungalow Projects, in a joint venture with Bain Capital, Real Estate, submitted a new building construction project for a 155,069 square-foot film and television production studio at 145 Wolcott Street in Red Hook, Brooklyn. The plan was filed with the New York City Department of Buildings on June 27, 2024 under job number B01061966. It calls for the construction of a six-story building. The project is described in the filing as: construction of new building taking place at 145 wolcott street as indicated on the drawings. Susi Yu, founding partner of Bungalow Projects, filed the plans. The architect is COOKFOX Architects.
The development tax lot, Lot 1, includes two additional tax parcels with the addresses 184 and 186 Conover Street, giving the developers the entire 500-foot block front on Wolcott Street.
145 Wolcott Street B01061966
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Basement | PARKING, STORAGE, ACCESSORY MECHAINCAL SPACE. | Parking Garage | 326 | Storage | 10 | |
| 2 | 1 | MOTION PICTIRE FILMING STAGES, LOADING BERTH | Moderate-Hazard: Manufacturing | 334 | Factory and Industrial | 10 | |
| 3 | 2 | OFFICE ACCESSORY TO MOTION PRODUCTION STAGES, ACCESSORY TERRACE | Business and Service | 283 | Business | 10 | |
| 4 | 3 | OFFICE ACCESSORY TO MOTION PRODUCTION STAGES | Business and Service | 131 | Business | 10 | |
| 5 | 4 | OFFICE ACCESSORY TO MOTION PRODUCTION STAGES | Business and Service | 130 | Business | 10 | |
| 6 | 5 | OFFICE ACCESSORY TO MOTION PRODUCTION STAGES, ACCESSORY TEDRRACE | Business and Service | 237 | Business | 10 | |
| 7 | 6 | OFFICE ACCESSORY TO MOTION PRODUCTION STAGES, ACCESSORY TERRACE | Business and Service | 162 | Business | 10 |
Prior sales and revenue
This three parcels were sold by Four Points for $35.1 million to Bungalow Projects and Bain Capital Real Estate on April 25, 2024. The three properties had 24,440 square feet of built space and 136,375 square feet of additional air rights for a total buildable of 160,000 square feet according to a PincusCo analysis of city data. The sale price per buildable square foot is $219 per the PincusCo analysis. The most recent loan totaled $16.1 million and was provided by Ladder Capital on March 18, 2022, but was paid off at the time of the acquisition.
Development
Susi Yu of Bungalow Projects submitted a new building construction project for a 155,069 square-foot 58 building at 145 Wolcott Street. The plan was filed on June 27, 2024. It calls for the construction of a 80-foot tall, six-story building and was filed with the New York City Department of Buildings under job number B01061966. The architect is Cookfox Architects. The project is described in the filing as: construction of new building taking place at 145 wolcott street as indicated on the drawings.
Violations and lawsuits
According to city public data, the property has not received any significant violations in the last year.
There were no lawsuits or bankruptcies filed against the property for the past 24 months.
The neighborhood
In Red Hook, The bulk, or 40 percent of the 11.8 million square feet of commercial built space are industrial buildings, with specialty buildings next occupying 24 percent of the space. In sales, Red Hook has near average sales volume among other neighborhoods with $488.5 million in sales volume in the last two years and is the 13th highest in Brooklyn. For development, Red Hook has near average amount of major developments among other neighborhoods and is the 19th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of four of the eight commercial properties representing 34,965 square feet of the 53,316 square feet. The largest owner is Bain Capital Real Estate, followed by Bungalow Projects and then Hilmi Ulgur Aydin. On the tax block, there were three new building construction projects totaling 459,225 square feet. The largest is a 210-unit, 300,000 square-foot residential (R-2) building submitted by Draw Brooklyn and filed by Alexandros Washburn with plans filed October 14, 2020 and it has not been permitted yet. The second largest is a 155,069 square-foot 58 building submitted by Bungalow Projects and filed by Susi Yu with plans filed June 27, 2024 and it has not been permitted yet.
The owner
The PincusCo database currently indicates that Bungalow Projects owned at least 14 commercial properties with 150 residential units in New York City with 213,115 square feet and a city-determined market value of $13.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 57 percent of the 213,115 square feet of built space are hotel properties, with mixed-use properties next occupying 32 percent of the space. They are all located in Brooklyn.
The surrounding
Within a 400-foot radius of 190 Dikeman Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which Hilmi Ulgur Aydin borrowed $5.5 million from Signature Bank secured by the 11,325-square-foot, one-unit office building (O2) on 160 Dikeman Street on August 2, 2022.
Direct link to the property’s ACRIS page and link to DOB NOW portal.