NEW YORK CITY-One of the last remaining large-scale residential development sites—located along the east river waterfront in Williamsburg at 462-490 Kent Ave.—has come up for sale, for $210 million. The property is being marketed by Eastern Consolidated.
The firm's Gabriel Saffioti, director, Nicole Rabinowitsch, associate director, and Gary Meese, director of financial services, are overseeing the sale of the 3.75-acre site. It can accommodate approximately 816,000 square feet of mixed-used, mixed-income development, for which preliminary plans and approvals have been obtained through a Uniform Land Use Review Procedure. The seller is Waterfront Realty II LLC, a local family owner/operator.
The ULURP currently in place calls for 754 apartments constructed over five separate buildings, three of which are high-rise towers with low-rise bases; some 226 of these units will be designated for affordable housing. Over 29,000 square feet of street-level retail is designated within the ULURP approval, along with 496 garage parking spaces. The project also creates a significant amount of waterfront park land with public access, as well as significant private garden green spaces for residents.
The affordable housing component enables the developer of the project to take advantage of some federal, state and city programs; the 70/30 affordable housing project has a site-specific 25-year 421 tax abatement. Other programs could apply such as the low-income housing tax credits with the NYC Dept. of Housing Preservation and Development's new construction participation loan program, as well as the mixed finance program of the US Dept. of Housing and Urban Development, which permits public housing to be built with tax credits in private developments.
“Unabated development in northern Williamsburg is pushing southward to now include this site on the East River where a plethora of popular restaurants, bars and boutique retail stores thrive only two blocks away,” notes Saffioti in the announcement. The site is situated just south of the Williamsburg Bridge and lies adjacent to Schaefer Landing, a recently developed 210-unit mixed-income condominium development.
Adds Rabinowitsch, “Brooklyn's waterfront is pure gold. We anticipate tremendous investor interest in this site because of its huge development potential, prime location and unobstructed views of the Manhattan skyline, East River bridges and Brooklyn cityscape. The south side is coming alive, driven by the master-planned mixed-use redevelopment of the waterfront, the Domino Sugar Company site four blocks north, conversions including the Gretsch Building and a number of boutique new construction projects.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
