For $90 Million, You Could Buy The Kestrel Development At 33 Caton Place

Image via The Kestrel

The developer of the incoming Kestrel development at 33 Caton Place – an eight-story building that is slated to include 126 units – is now selling the entire building for $90 million, which the New York Times reported this weekend and for which you can see a listing at Massey Knakal.

Sam Boymelgreen, the developer of the building that has prompted concerns about flooding from residents, told the Times that he’s selling the Kestrel because he “wanted to free up capital for another Brooklyn project.” Boymelgreen’s father, Shaya Boymelgreen, developed the nearby Park Circle condos at 346 Coney Island Avenue. The elder Boymelgreen, a prolific developer, has been dogged by legal troubles in recent years, but Sam Boymelgreen told the Times that his father has not been involved in the Kestrel project.

According to Massey Knakel’s listing for the site, the 162,000 square foot Kestrel building will, in addition to its 126 residential units, have 63 parking spaces and 120 storage units.

“In addition to its full-time attended lobby, the building features a private gym, sauna, yoga room, business center, and library,” the listing states. “The incorporation of some unique spaces, such as a theatre room, lounge, kid’s playroom, and pet grooming spa, makes The Kestrel a one-stop destination and gives renters almost all they need within footsteps of their home.”

And the list goes on: there will be a landscaped roof deck, some units will include private balconies and terraces, and there will be “private cabanas and designated kid-friendly zones.”

From the Times:

The interiors of Kestrel’s studios to three-bedrooms will have finishes commonly found in many Manhattan rentals. There will be stainless-steel appliances, and a washer and dryer in every unit, and 108 of the apartments will have some form of outdoor space, ranging from Juliet balconies to private gardens.

Shared amenities will include a roof with a checkerboard of dining, lounging and grilling areas, lined with synthetic-turf lawns. Downstairs, there will be a parking garage, a pet spa to wash off dogs after muddy walks, and 12 free-of-charge bicycles, decorated with Kestrel’s avian logo.

But monthly rental rates will reflect these perks. One-bedrooms will start at $2,300, said Brendan Aguayo, the managing director of Halstead Property Development Marketing, which is handling leasing. In contrast, the average asking rent for comparable apartments in Windsor Terrace and Kensington in mid-August was $1,800, according to Streeteasy.com.

Area civic leaders have not been pleased with Boymelgreen’s communication with the community – which they said has essentially been nonexistent. Councilman Brad Lander said at a recent Community Board 7 committee meeting that representatives from 33 Caton Place have never attended public meetings when asked to do so. However, Lander noted that representatives from another incoming development, 22 Caton Place, have always attended community gatherings when asked and have been far more forthcoming about information regarding the development than Boymelgreen.

In the Times’ weekend piece, it also detailed 22 Caton Place – which has yet to be named – but Alison Novak, vice president at The Hudson Companies, which is developing the site, told the Times that, “we’re trying to think of a bird that eats kestrels.”

Image via The Hudson Companies

The development at 22 Caton Place is expected to be finished next March, Novak told residents at the same recent CB 7 committee meeting that Lander attended. The seven-story building is slated to have 73 apartment units, from studios to three-bedrooms.

From The Hudson’s site about 22 Caton Place:

The project will be amenity-rich and include below-grade vehicular parking as well as bike storage, tenant storage, a gym, a kids’ playroom, and a pet wash for giving Fido a bath. A sun-drenched lounge will lead from the building lobby to a common rear garden with a boule court. A common rooftop terrace will provide space for entertaining, relaxing and gardening. The terrace will be equipped with gas grills and tables for dining al fresco. Garden plots will be available so residents can grow their own vegetables and flowers.

What do you think of the incoming developments? What do you think of the rental price for a unit at The Kestrel? What will they mean for the neighborhood?