The Sidney represents The Ishay Group’s first assemblage play, which had begun in 2002. The Ishay Group recognized early on that it was only a matter of time before Brooklyn would experience exponential rent growth and began vacating numerous commercial and retail tenants. In 2007, it had an empty plot that was ripe for ground up construction, measuring 125 by 140 feet. It now, however, was faced with the Great Recession.
The Sidney is a testament to The Ishay Group’s ability to stay nimble. Instead of sitting on vacant land, it recognized a dire need for parking in the area. It quickly opened a parking lot on site and self-managed those operations. This endeavor proved to be highly successful early on, when its profitability outpaced the cash flow that would have been derived had the commercial tenants remained in place. In the meantime, The Ishay Group waited for the tide to turn and noticed the strong trend of renters increasingly migrating south through Brooklyn to achieve more affordable rents. The immediate area also began catching the attention of New York City, which eventually invested close to $100mm in revitalizing the landmarked Kings Theatre as a performing arts venue. These trends led to the commencement of the development project once again.
The Sydney will enjoy a 15-year 421-A tax abatement and a promise towards an ever growing and improving neighborhood with higher demand. The assemblage required the fusion of tax lots and received grants for its required environmental cleanup, which had been conducted with the cooperation and certification of the NYS OER. Once completed, the building will include 68 apartments and be fully amenitized with features including a rooftop lounge, a coworking space, and private parking. Its design will pay homage to its surrounding neighborhood and Brooklyn’s eclectic character.