The Davis Companies partners with PREI to complete development of 340 Court Street

The Davis Cos. has formed a new partnership with long-standing operating partner, Prudential Real Estate Investors (PREI), the real estate investment management and advisory business of Prudential Financial, Inc., and Alchemy Properties Inc., to complete the development of 340 Court St., a residential construction project in the Carroll Gardens neighborhood. The Davis Cos., a 35-year-old real estate development, investment and management company, is acting as co-investor with Alchemy Properties, which is also serving as the development partner. "We look forward to continuing our long relationship with Prudential and to working with our friends at Alchemy Properties to bring this exciting project to fruition," said Jonathan Davis, CEO of The Davis Cos. Kenneth Horn, president and founder of Alchemy Properties Inc., said, "Carroll Gardens is a great neighborhood and we are proud of this opportunity to partner with PREI and the Davis Companies to create a beautiful development that is sure to be in great demand." "We are pleased to be working with Alchemy Properties and The Davis Companies to develop 340 Court St.," said John Gregorits, managing director at PREI. "We remain, as always, committed to this project and look forward to seeing it through to completion in a manner befitting of both the community and our investors." When completed, the planned seven-story building at 340 Court St. will feature 32 condominiums along with 11 individual townhouses, a retail component and 67 parking spaces. The state-of-the-art development is within walking distance to the subway and top-rated public schools, and will feature amenities and unit sizes that will appeal to families. PREI originally acquired the property in 2007 in a joint venture with the Clarett Group, which exited the project earlier this year.