The Real Deal New York

North Williamsburg development site sells for $12.3M

October 18, 2011 09:01AM

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Family-owned Rieder Holdings has purchased a North Williamsburg residential development site for $12.3 million, Crain’s reported.

The 17,500-square-foot plot at 248 North 8th Street between Havemeyer and Roebling streets can support a 120,000-square-foot development, meaning the family paid about $102 per square-foot. The seller, Van Benson Management, has owned the property since 1997, and took out a $31 million loan in 2008 to develop a residential structure at the site. But PropertyShark.com shows that in 2009, lender Banco Popular filed a $31 million lis pendens against Van Benson.

Without significant development experience, Van Benson decided to sell the property even though it might have fetched twice as much as little as three years ago. Rosewood Realty Group represented both the buyers and sellers in the deal.

Rieder’s purchase was financed by Baltimore-based Neuberger, Quinn, Gielen, Rubin & Gibber, P.A. Rieder has roots in New Jersey and manages about 1,000 apartments in the area, and last year partnered on the $72.36 million purchase of the 197-unit rental building at 752 West End Avenue on the Upper West Side. [Crain's]

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