A local developer who has been busy in Brooklyn will try his luck at finally finishing construction on a long-stalled Greenpoint property, once dubbed the “saddest building” in the borough by Curbed. He purchased the more than 10,000-square-foot lot for $7 million last week as part of a foreclosure sale.
Daniel Kaykov of Poise Property Group scooped up 55 Eckford St. for $7.2 million in the auction from its creditor, Confidential Lending. Attorney Helmut Borchert is listed as the court-appointed referee who facilitated the April 24 sale, according to court records.
Kaykov and his business partner Val Katayev — who also recently purchased 402-404 Manhattan Ave. in Williamsburg for just over $4 million — hope to transform the problematic lot at the eastern edge of McCarren Park into what Kaykov described as “bougie condos.”
The property, between Driggs and Engert avenues, was previously owned by the limited liability company Eckford-Greenpoint, whose principal is listed as Xi “Steve” Hui Wu. Two years ago Wu allegedly took off with millions of dollars of his clients’ money, the Post reported at the time. New York Attorney General Letitia James took Wu to court over his alleged fraud.
For nearly two decades, cats, trash and abandoned cars have accumulated at the foot of the 6-story steel structure at 55 Eckford St. — basically sitting empty through the entirety of the real estate boom that tore through the northern Brooklyn neighborhood. Plans originally called for 16 stories and then 12, but the then-developer managed to make it only halfway before running out of money, The New York Times reported in 2014, at the time referring to the building as the “skeleton next door” that had become known in the neighborhood as an unwelcome haven for animals and unhoused individuals.
Now, Kaykov says he’s eyeing erecting a 5-story building with about 15 to 20 luxury condo units along with parking and a gym. Given the history of the site with issues related to contamination, zoning changes and multiple bankruptcies, its completion is not a sure bet, said Kaykov, but he’s eager to take a chance.
“We don’t know what’s beneath the surface, maybe they hit a brick wall or something,” said Kaykov. “It’s a calculated risk, but we think the market is as strong as it is right now in Greenpoint — an opportunity to make money.”
Attempts by Crain’s to reach Wu were unsuccessful.
Julianne Cuba , 2024-04-29 19:39:33
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