The Real Deal New York

Adam America buys White Castle in E. Williamsburg for $23M

Seller paid nearly $7M for it in 2013

January 29, 2015 04:50PM
By Kyna Doles

From left: Rendering of 781 Metropolitan Avenue in Williamsburg (credit: Issac & Stern), White Castle and Adam America’s Dvir Cohen

Adam America Real Estate paid $23 million for a development site at 781 Metropolitan Avenue in East Williamsburg, according to property records filed with the city today. It plans to build 81-unit residential building at the site.

The site was home to the hamburger chain White Castle, but Adam America filed permits to raze the single-story building in October.

Although White Castle never owned the property, the building’s owner sold the site for $6.7 million in 2013 to a business named 781 Metro Investors, who managed to flip the property for $23 million a year later.

Adam America entered into contract to purchase the site Aug. 7 and closed on the deal Dec. 11, according to property records.

  • mgaffneyny

    crazy

  • NYexcuse

    Christ, what a flip. I’m guessing the prior developer permitted the land and bought the White Castle lease out. Either way, they probably cleared over $13mm in just a year’s time.

MENU