LCOR has entered into a contract to purchase the vacant development site at 250 North 10th Street in Williamsburg that can be built up to 155,000 square feet, sources told Crain’s. LCOR, which opened a 142-unit building in the neighborhood last year, will reportedly pay more than $100 per buildable square foot.
The sellers, the Lax family, which is in the diamond business, had signed SLCE Architects and Slade Architects to design the project, which was originally intended to be a 207-unit rental with 100 parking spaces. Crain’s said the lofty sales price for the site sets a new benchmark in Williamsburg, where in December Waterview Lofts LLC paid $5 million for a 64,000-square-foot site at nearby 40 North 4th Street. [Crain’s]