Two W'burg Projects Change Hands
Two large development projects on Williamsburg’s Northside have changed hands; both deals were initially reported separately by Crain’s. Steelworks, an 88-unit condo conversion planned at 76 North 4th Street at the height of the market, will reemerge as rentals after a group that includes Robert Toll’s son bought the note on the property. (You can…
Two large development projects on Williamsburg’s Northside have changed hands; both deals were initially reported separately by Crain’s. Steelworks, an 88-unit condo conversion planned at 76 North 4th Street at the height of the market, will reemerge as rentals after a group that includes Robert Toll’s son bought the note on the property. (You can see a photo of the Steelworks building complete with zombie photoshopping on the Curbed post about it.) A few blocks to the north, a 40,000 square-foot lot at 544 Union Avenue just of North 9th Street (pictured) has sold for $13,600,000. (Property Shark shows that the sales price was actually $13,500,000.) While the site was planned as a condo development, the new owner plans to make it a 95-unit rental building; the site can accommodate 112,000 square feet of residential space. According to the article, “Brokers said the deal indicates that there is a return to confidence in the market.” Think so?
people all over everything site that makes sense and many that don’t banks/former owners the problem
nice – these two stalled sites were pretty awful. glad to hear someone picked them up. now someone needs to get crackin on 113 Kent and that wood paneled building on the corner of N5th and Driggs.
There are dozens of developers seeking sites in BK, the big guys, the little guys and out-of-towners (like the buyer who overpaid for the 13.5mm site). Financing is at historic lows, if you have 1/3 cash. Construction financing another story. Very hard to get a site, given nature of sellers.
Biggest obstacle is banks unwilling or unable to write down debt to reflect both current values and the huge risk of going forward. The action started some time ago, and is increasing. Market turned a while ago.