The Real Deal New York

HFZ, Fascitelli eyeing Brooklyn development site

484 Kent Avenue is one of Williamsburg's last waterfront parcels

May 26, 2015 05:25PM

484 Kent Avenue in Williamsburg (inset: top, Ziel Feldman, bottom, Michael Fascitelli)

484 Kent Avenue in Williamsburg (inset: Ziel Feldman and Michael Fascitelli)

A massive site on the Williamsburg waterfront that could hold a high-rise development is getting ready to sell, and a partnership between Ziel Feldman’s HFZ Capital Group and ex-Vornado chief Michael Fascitelli of Imperial Companies has reportedly been eyeing the site.

The parcel could fetch north of $250 million, sources told Crain’s. It currently holds a commercial building that is partially occupied by a lumber store, but the structure could be knocked down to make way for a 500,000-square-foot residential development.

This is one of the last remaining sites on the coveted Williamsburg waterfront that could support a large-scale residential development.

The property is owned by brothers Abraham and Isack Rosenberg, who got the zoning changed from commercial to residential in 2011, and were planning almost 800 units of housing in at least three towers in a project called Rose Plaza on the River. They planned to set aside 30 percent of the units as affordable.

Fascitelli stepped down as the CEO of Vornado in 2013. [Crain’s] — Tess Hofmann