Canyon-Johnson Urban Funds has taken the reins and they are getting set to redevelop the property at 20 Henry Street, according to reports from CityBizList (1). The developer got full control of “the Brooklyn Heights project through buy-outs of a construction loan and equity partner.”
According to reports, “The buyer is making an additional equity investment so work can resume immediately on the 30 percent-completed project, which includes 39 condominiums in the former Peaks Mason Mints candy factory.” Folks worried about the integrity of the buildings originally laid plans can take heart in that they are working closely with the original developer.
“‘This is exactly the type of dense, urban market where CJUF invests and we look forward to jumpstarting the adaptive reuse of this incredible historic property,'” Canyon managing partner Bobby Turner told CityBizList.
While many are worried about the integrity and history of the former building, no one can deny the need for something different from this once grand, now sad building. Fortunately, “at completion, 20 Henry will consist of the original seven-story candy factory, with 25 residential units, and an adjacent building, developed from the ground up, with 14 units.”
While the details have yet to be elaborated, there is a lot of buzz and chatter over this new project.