We first reported three weeks ago that the Loehmann's Seaport Plaza (2101 Emmons Ave.) was sold for a record-breaking $24 million. In response to the news we heard a lot of concern from the community that the building might be torn down and replaced with - you guessed it - condos. Well, The Real Deal is now reporting that the new owners - "a group of local and European investors" - plan to keep it a retail center. One less fear, I guess, for a building that already has quite a sordid history (more on that later).

Apparently, the financially beleaguered developer Stephen S. Jemal is finding creative ways to raise funds after being slapped with a $5.6 million lawsuit: he's turning around and suing bloggers.

Following GerritsenBeach.net's investigation revealing the Riviera developer was the target of a civil suit filed by his investors, Jemal responded by having his legal team send a cease-and-desist, and request $20,000 to cover his legal fees. The story isn't that simple though. Just before receiving the letter, GB.net was hit by a Denial of Service (DoS) attack, which temporarily crippled the server. Apparently, the DoS originated from a party connected to Jemal.

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The Bay News did a piece on the artistic renderings for Sheepshead Bay Station Plaza that we first reported here. In quoting P/A Associates' Carolyn Malinsky, they noted much the same as we did: these "plans" aren't plans at all - they're just drawings.

"We are completely still in the pre-development phase. We're not sure what we are going to build there," she said.

"You are looking at someone's thought process," she said of the sketches. "I am committed to nothing."

She said no tenants have been signed and there is no time frame for the development.

Apparently, our skepticism of the sketches ever becoming reality are shared by CB15 Chair Theresa Scavo.

When she first saw the renderings, she though just one thing: "Dramatic."

"I'm not buying it," she said. "There is a difference between renderings and plans. Those could just be the idea of what they want it to look like."

Also: Bay News is spreading the rumor that consumer electronics giant, Best Buy, "could be interested in leasing space at the site." Highly unlikely, methinks.

Stephen S. Jemal, the same developer who received the print version of a hand job from the Daily News just a few weeks ago for his plans to build new waterfront developments in Sheepshead Bay, Gerritsen Beach and Mill Basin, is now being sued by the investment companies that provided the money for those developments.

GerritsenBeach.net has uncovered court documents that reveal a civil suit against Stephen and Sharon E Jemal was filed in Texas Northern District Court on July 14. The companies, Gerritsen Beach Investments Ltd and Riviera Investments I Ltd, claim that the Jemals have not paid them back $5,580,000 plus interest.

SB/PB Civic has also followed up on the story by doing some research into the Jemal family, which apparently is no stranger to lawsuits and less-than-virtuous business practices.

I wonder what all this means for the future of the Riviera sites, which the Daily News called "the biggest real estate vision the South Brooklyn waterfront may ever see."

[via GerritsenBeach.net]
[via SB/PB Civic Association]

Someone pointed me to the artistic renderings for Sheepshead Bay Station Plaza, the enormous shopping center being built by Acadia Realty and PA Associates practically right next door to the train station. The architectural firm on the project is GreenbergFarrow.

I'll let the renderings speak for themselves -- the fantasy of it should be obvious to anyone familiar with the Bay. Apparently the artist is a master of the abstract or surreal schools of art.

Anyway, here's the details from PA Assoc.'s website:

Sheepshead Bay Station Plaza is bringing modern, multi-level retail to the affluent neighborhood of Sheepshead Bay, Brooklyn. With 240,000 square feet of brand new retail on four floors, and parking for approximately 750 cars, this new shopping experience will have a mix of local and national retailers. Located on Sheepshead Bay Road at Voorhies Avenue, directly across from Exit 8 of the Belt Parkway, the shopping center is also adjacent to the elevated subway station served by the B and Q trains.

From GreenbergFarrow's website:

Station Plaza at Sheepshead Bay Road will house upward of 335,000 square feet of retail including a number of possible mixed-use additions as well as a multi-level parking deck on this 2.34-acre site. To maximize store frontage and visibility, a proposed private street connecting Voorhies Avenue and Sheepshead Bay Road will be planned into the Station Plaza site.

Note the differing square footage. This might be because none of the plans are real yet. While it's nice to see what might be there, Carolyn Malinsky of PA Associates told me, "These are just artistic renderings" and the company has no concrete plans yet. No tenants, no finalized architectural plans, no certainty of use. We're still waiting to hear back from Acadia to see what they have to say.

Here's what the proposed square footage translates into:

According to Brian Hanson, who brokered the $20 million sale of the property, the zoning is as-of-right whether the square footage is 335,000 or 240,000, so no variances will be needed. Given the current zoning and FAR for the area, it can be up to 340,000 square footage, all commercial or a mixture of residential and commercial.

Either way, this illustrates enormous plans for the property, and a big change to the view from the subway platform. I don't know if this is good news or bad news; certainly the current buildings there aren't very pretty, but is the Bay really clamoring for more retail space?

In the largest Sheepshead Bay real estate deal of the last twenty years, Loehmann's Seaport Plaza on Emmons Ave. has reportedly been sold for approximately $24 million.

The three-story, 280,000 square foot retail center closed on Friday, with its former owner, the Bayrock Group, selling to a still unknown buyer. A source with knowledge of the deal provided the sale price of $24 million, but that number is still unconfirmed. He also said the buyer is a local Russian businessman.

Observers of Sheepshead Bay real estate transactions are surprised by the deal, as the property was not known to be on the market. However, Bayrock Group may have been happy to unload the property when approached by the mystery buyer, given that the group probably has its hands full with the beleagured Trump SoHo Hotel Condominium, which it is developing alongside the Trump Organization and the Sapir Organization. The site has recently been plagued by a number or controversies, including a lethal construction accident, accusations of misleading the public towards its final use, and mob ties. Of course, the mobster accusation is a given, considering one of Bayrock's own principals was revealed to have quite a shady past.

The Loehmann's Seaport Plaza deal marks the second largest sale in Sheepshead Bay history, coming just $1 million shy of breaking the record set in 1988, when the Atlantic Towers Apartment Corp. on Ave. Z and East 13th street was sold for $25 million. It's also notable for being the second record-breaking deal in less than a year; the first being last November's sale of the site at 1600 Sheepshead Bay Road and 1501 Voorhies Avenue for an all-cash transaction valued at more than $20 million. This means that two of the three largest deals in Sheepshead Bay history were ushered in within the last 8 months.

Tenants of the Loehmann's building are still unsure of the identity of the new owner, but expect to receive that information within the next two to three days.

Boats on the Water

A few weeks ago, before this blog existed even as a thought in my head, I had the opportunity to explore the new development in Sheepshead, The Breakers. The condos are causing a bit of ruckus with local groups including the Sheepshead Bay/Plumb Beach Civic Association, as well as with CB 15 chairperson Theresa Scavo, who are angered with the buildings' gate, which stops pedestrian traffic. This is a photo off of the development's "pier", which is a very generous name. Still, the condos have a beautiful view of the mouth of the bay; hopefully it'll be one we can all enjoy.

Ok, maybe not the most profound headline, but I think it captures the situation pretty well. Following my post on Best Western buying up adjacent properties on Emmons Ave., a commenter claiming to exclusively represent the seller on the sale of the four lots 3027-3033 Emmons Avenue which include the Cappuccino on the Bay building, wrote in saying that, while the properties had been sold, Best Western was not the owner. Well, Gene Berardelli of the Sheepshead Bay/Plumb Beach Civic Association has done some digging into the matter and, well, to quote from his findings: "The answer is yes... and no."

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