167 North 1st Street.
NEW YORK CITY- Gemini Rosemont Commercial Real Estate has acquired 167 North 1st St., a mixed-use development site situated midblock between Bedford and Driggs avenues in Williamsburg, Brooklyn, for $18.2 million.
The property includes a fully built, single-story, 13,867-square-foot warehouse with 17-foot ceilings and multiple curb cuts. The property offers more than 37,000 buildable square feet of developable rights or nearly 50,000 buildable square feet with 20 percent on-site or off-site affordable housing.
In addition the development property also features 200 feet of frontage along North 1st Street off of Bedford Avenue, Brooklyn's strongest retail corridor, according to a Jones Lang LaSalle team, who completed the sale on behalf of seller Stanislaw Rys/Kevsta Inc. The development site is six blocks from the Bedford Avenue L Train Station.
"The development site at 167 North 1st Street is in the most sought-after area of Williamsburg," JLL Vice Chairman Brendan Maddigan in a prepared statement. "Residential rents in the neighborhood approach $75 per square foot, and condominium sales range from $1,400 to $1,700 per square foot, making this lot an ideal development opportunity for a mixed-use rental or condominium project."
Update/correction: The property was marketed as 167 North 1st St., but the address that will be used moving forward is 171 North 1st St.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
