Hope Street Capital has condo declaration recorded for 98 Front Street in Dumbo

A condominium declaration was recorded for the 165-unit project that Jeffrey Gershon’s Hope Street Capital is developing at 98 Front Street in Dumbo, Brooklyn. The declaration was filed April 9, 2020 and recorded on August 3, 2020. The declaration is a required step a building must take before condo units can be sold. The building is currently under construction with sales launched in the summer of 2019. Reports indicated it was on schedule to open in the spring of 2020, however no TCO has been issued for the development yet.

The building, which has an alternate address of 74 Adams Street, has 165 residential units and one ‘other’ unit with a total sellout price of more than $274 million, according to the state Attorney General’s website. The condominium plan, number CD180246, was submitted on June 14, 2018, and declared effective January 23, 2020 by 25 units or 15 percent.

On November 13, 2017, new building plans were filed with the NYC Department of Buildings by Gershon. The plans called for a 120-foot tall, 10-story, 145,419-square-foot condominium with 165 units. ODA was the architect listed on the filing.

The initial construction permits for the development were issued in May of 2018, shortly before the condominium plan was submitted with the AG.

Hope Street Capital acquired the development site for $60 million in November of 2017. The parcel was one of several Jehovah’s Witnesses properties in Brooklyn that the religious group had been selling at the time.

Gershon’s real estate investment firm has other high-profile condominium developments as well. Most noteworthy is the Hendrik Condominium in Boerum Hill, CD150301, with a current sellout price of nearly $134 million.