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Project: 319 Schermerhorn Street

Real estate firm Adam America has purchased a downtown Brooklyn residential development site, where the firm plans to erect a 21-story condo.

The company, which has been an active buyer in the borough in recent months, acquired 319 Schermerhorn St., an empty lot on the border of Boerum Hill and downtown Brooklyn, from SC Nevins for an undisclosed price. Adam America, in partnership with the Naveh Shuster Group, plans to construct an 87,445-square-foot condo tower on the site.

In a statement, Dvir Cohen Hoshen, co-founder of Adam America, said the firm was drawn to the site in part because of its proximity to Barclays Center, which he said has strengthened the area’s retail and residential markets.

"This couldn't be a more prime location for high-end condos and first-rate retail space," Mr. Hoshen said.

Several sources said the firm likely paid more than $30 million for the parcel as values for development sites in downtown Brooklyn have risen into the mid-$300 per square foot.

SC Nevins had secured building permits before selling the parcel, according to Ofer Cohen, a broker with TerraCRG who handled the sale. Mr. Cohen wouldn't disclose the purchase price, but said the building permits increased the land's value because Adam America will be able to break ground on the project immediately rather than have to wait for months to get the necessary construction approvals from the city's Department of Buildings.

"The project is shovel-ready, which gives the buyer the best chance to capture the momentum in this neighborhood and get in while the market is hot," Mr. Cohen said.

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http://www.crainsnewyork.com/article...state-20150402