Magic Johnson to build $165-million luxury condominium

A partnership comprised of Canyon-Johnson Urban Funds, an investment concern started by Magic Johnson and the Dermot Co., a private developer based in New York City, has acquired Brooklyn's tallest building, from HSBC.

The 78-year-old 35-story Brooklyn landmark will be converted into a $165-million luxury condominium with 33,000 sf of ground-floor retail space, in addition to approximately 216 condominium residences, which will range in size from studios to three-bedroom units.

“This property is in a great location, near the Brooklyn Academy of Music and the proposed Nets’ stadium in Downtown Brooklyn at Flatbush Avenue,” a spokesman for CJUF said. CJUF intends to provide an investment pipeline of $1.5 billion in revitalized or new development projects in 25 densely populated urban cores across the country, which will be done mostly in partnership with local development companies that have expertise in their particular market.

Since retiring from playing in the NBA, Magic Johnson has built a $500 million inner-city empire that includes movie theaters, restaurants, athletic clubs, and shopping malls. Johnson Development Corporation focuses on bring life back to the inner-city by creating jobs.