The Sunset Park site in Brooklyn has encountered a tumultuous development history for nearly twenty years, with failed projects and recent legal controversies. Initially targeted for a Home Depot and residential tower in the mid-2000s by developer Andrew Kohen, plans were halted by the 2008 housing crisis. Subsequent attempts, including a high-profile investment group proposing a hotel and office space, also failed. In 2023, Watermark Capital and Maguire Capital purchased the property but soon faced foreclosure threats. With a recent fraud case involving forged documents against previous owners, current developers are now focused on constructing a 497-unit residential complex after securing funding.
The complex history of the Sunset Park site showcases the difficulties developers face, escalating from various failed projects to a recent indictment involving deed fraud.
Daryl Hagler's rescue financing prevented foreclosure on the property, marking a significant turn in its tumultuous history spanning nearly two decades.
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