Burg Warehouse, Land Sell; Redevelopment Coming?
A hefty, $12,300,000 purchase was lodged in city records for the one-story, 17,500-square-foot commercial building at 248 North 8th Street in Williamsburg and three surrounding lots at 246 North 8th, 251 North 7th and 255 North 7th. A permit was approved in February for the conversion of the warehouse into a 22-unit residential building, so…
A hefty, $12,300,000 purchase was lodged in city records for the one-story, 17,500-square-foot commercial building at 248 North 8th Street in Williamsburg and three surrounding lots at 246 North 8th, 251 North 7th and 255 North 7th. A permit was approved in February for the conversion of the warehouse into a 22-unit residential building, so it’s possible that the properties will be redeveloped in the near future. The buyer is identified under the LLC “Reider Holdings,” and we don’t know much about them except that they’re a NYC-based company. Click through to see a map of the properties purchased. GMAP
I rented a room in an artist’s loft in that building for a month in 2007. The artist was an old guy with a heart condition who was refusing to move and in a lawsuit with the landlord. My guess is that he held out long enough for the recession to kick in, and then the landlord couldn’t do anything with the property.