NEW YORK CITY—After remaining under ownership by one family for 30-some-odd years, a blockfront development site at 286-298 & 300-306 Wythe Ave. in the Williamsburg section of Brooklyn has changed hands. The seller was Tri-Boro Shelving & Partition Corp.
The site consists of two contiguous lots that together can support construction of up to about 51,200 buildable square feet. The buyer—North Development Group, an area developer—paid $27 million for the site and plans to build a mixed-use development there.
The zoning for both properties will allow for residential and commercial development as of right. North Development will include a community facility in its complex. Eastern Consolidated directors Gabriel Saffioti and Nicole Rabinowitsch represented both parties to the deal.
The price, Saffiotti tells GlobeSt.com, was "aggressive," but the site has several unique features, he adds. In addition, it has a compelling location.
"It's unusual to find something with great street frontages in Williamsburg today and this parcel has three street frontages, Wyeth Avenue, Grand Street and First Street," he asserts. "A lot of the warehouses and parking garages in the area have been snapped up so it's difficult to find a site with more than 30,000 buildable square feet."
Additionally, the site is only a block away from the high-profile Domino Sugar complex, its about two-and-a-half blocks from an anticipated Apple store and is close to an under construction Whole Foods store as well as the Brooklyn waterfront, where a great deal of development is taking place.
Located between Grand Street and North First Street, 286-298 Wythe Ave., aka 70-78 North First St., and 300-306 Wythe Ave., aka 73-75 Grand St., both have one-story factory/warehouse buildings on them.
The seller's attorney was Robert S. Portegello, partner, Meister Seelig & Fein; and the buyer's attorney was Lawrence Hansen of Hansen Law.
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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.
