The Real Deal New York

CitiStorage site on block after Brodsky spurns city’s bid

Investors can bid on Williamsburg waterfront parcel until July 20

July 08, 2016 11:16AM

From left: A fireboat battling flames at the CitiStorage building on January 31 (credit: YouTube) and Norman Brodsky

From left: A fireboat battling flames at the CitiStorage building on January 31 (credit: YouTube) and Norman Brodsky

UPDATED, July 8, 5:25 p.m.: Norman Brodsky put the former CitiStorage site on the Williamsburg waterfront up for sale, a month after spurning a $100 million offer from the City.

Cushman & Wakefield TRData LogoTINY broker Paul Massey set up a website for the property and announced that bids will be accepted until July 20, according to DNAinfo. According to the website, the lot has between 588,000 and 720,000 buildable square feet. “This parcel offers unprecedented scale for future office and retail development,” the listing reads.

In late 2015, a fire destroyed the storage facility on the site. Shortly after, Brodsky announced plans to sell the property for as much as $500 million.

The city has sought to acquire the property for years, but announced in March 2015 that it was no longer affordable given the increases in land prices in the area over the last 10 years.

The Bloomberg administration had designated the site as part of a public park along Bushwick Inlet, and in early June the de Blasio administration bid $100 million for it amid local pressure to turn it into a park. “Good start but they need to get to fair value,” Brodsky told DNAinfo.

The Related Companies, along with East End Capital and Midtown Equities, were reportedly in discussions in late 2015 to provide financing to Brodsky, which ultimately could have been converted to an ownership stake in the property.[DNAinfo]Konrad Putzier

Correction: An earlier version of this point incorrectly named Daniel Brodsky as the owner of the site. 

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