Clinton Hill Factory Near Hot Bird Trades for $23.5 Million, Apartments Possible

Developer Madison Realty Capital has snapped up a factory in Clinton Hill for $23,500,000, and may be planning rentals or condos. Although the building at 551 Waverly Avenue is on one of those industrial looking blocks between Fulton and Atlantic near Hot Bird, it’s zoned for residential. The firm hasn’t yet revealed its plans, according to The Real Deal and The New York Daily News, which both wrote about the sale. The current tenant is a 68-year-old kosher bakery that has occupied the building for more than a decade, said the Daily News.

The three-story building (which looks like two) has about 43,000 square feet, but more than 90,000 square feet would be allowed. It dates from 1915, according to city records. It has 90 feet of frontage on the street, so we could imagine stores on the ground floor would work.

Do you think this sale will start a transformation of this corner of Clinton Hill into apartment buildings?

Real Estate Developer Buys Beloved Clinton Hill Kosher Bakery for $23.5 Million [NY Daily News]
Madison Realty Capital Buys Brooklyn Factory Site for $23.5 Million [TRD] GMAP
Photo by Christopher Bride for PropertyShark