Milan developer Est4te Four has acquired its fourth development site in Red Hook, in addition to the 1 million square feet in industrial properties it already owns in the Brooklyn neighborhood.
The developer, led by Stefano Marciano, bought a parking lot at 62 Ferris Street and a parcel at 219 Sullivan Street, with an initial down payment of $1.6 million. The deal is expected to close January 2015.
Elsewhere in the neighborhood, the developer is in the process of adding affordable studios and apartments to the former New York Dock Building at 162 Imlay Street, as previously reported. Douglas Elliman is marketing those units. [Brooklyn Eagle] — Mark Maurer