Nowadays, Williamsburg development sites are flying at the speed of money; here are the latest up for grabbity-grabs.
First up, two sites at 100-150 Union Avenue are on the market for $23 million.
The properties, located across the street from each other between Union Avenue and Broadway, allow for a total of 131,251 buildable square feet with the inclusionary housing bonus. That’s 37,630 buildable square feet at 100 Union Avenue and 93,622 at 120 Union Avenue. The latter site qualifies for the 421a tax abatement program — a rarity for this part of Brooklyn, according to the listing.
The sites have a combined 473 feet of frontage on Union Avenue. Given the setup, a developer could build market-rate units on 120 Union and affordable units on 100 Union.
Images: TerraCRG
Meanwhile, in East Williamsburg, a site at 650 Metropolitan Avenue is asking $3.6 million. The 40′ by 80′ lot comes with 14,720 buildable square feet and proposed plans that call for a six-story, 12-unit apartment building. Here’s a rendering of the possible project, according to the listing:
Both Union Avenue and Metropolitan Avenue listings are being marketed by TerraCRG.
Speaking of big-time buys in the neighborhood, Brooklyn-based Alliance Private Capital Group spent $18 million on a waterfront vacant lot at 206 Kent Avenue, The Real Deal reported. The 22,640-square-foot site on the corner of North Third Street will be next to JMH Development’s luxury rental project at 184 Kent Avenue. The seller of 206 Kent was a LLC named Cornell Kent Holdings, a subsidiary of Cornell Realty Management, according to The Real Deal.
