"The firm's jump across the river is in partnership with Compass agent Carl Gambino on a portfolio of five properties that will launch in the next two years. For Eckstrom, the expansion comes after an ascendant two years developing homes in Brooklyn's toniest neighborhoods. The company, which began by doing condo conversions in more affordable parts of Brooklyn, found a niche turning multifamily properties in Brooklyn Heights and Cobble Hill into high-end townhomes."
"59 Morton Street and 170 Clinton Street Eckstrom is betting it can ride the wave of wealthy buyers to pricier submarkets. In the last three months, the firm has picked up properties at 59 Morton Street, a landmarked residence in Greenwich Village, and 248 West 12th Street, a two-family home in the West Village. In December, Eckstrom closed on the Morton Street property for roughly $12 million."
Eckstrom, an eight-year-old development firm run by Carlos Saavedra and Nicole Eckstrom, is expanding into Manhattan with two West Village properties and a five-property portfolio planned with Compass agent Carl Gambino. The firm transitioned from condo conversions in affordable Brooklyn areas to converting multifamily buildings into high-end townhomes in Brooklyn Heights and Cobble Hill. Recent notable transactions include a $14 million closing at 170 Clinton Street and a roughly $12 million purchase of 59 Morton Street. Eckstrom acquired 248 West 12th Street as well. Higher Manhattan price points are expected to offset rising construction costs while preserving project quality.
Read at therealdeal.com
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