169-171 North 10th Street

One of the last Williamsburg development sites available, 169-171 North 10th Street, has sold in an off-market all-cash deal that netted the owner a gain of more than 50 percent, Crain’s reported.

The 5,000-square-foot lot, two blocks from McCarren Park, was bought by Bedford Parkview Partners for $2.35 million just three years ago, according to Crain’s. The new owner, who will likely build a residential development, paid roughly $188 per buildable square foot, or $3.4 million, Vincent Lopez and Jacques Wadler of Kalmon Dolgin Affiliates, told Crains. The duo represented the buyer as well as the seller in the deal. [more]

A five-building Williamsburg complex, which is currently home to the Brooklyn Brewery and two other companies, was recently sold for $16.4 million, Crain’s reported, and may be converted for residential use.

The 135,000-square-foot, mixed-use property at 118 North 11th Street is already zoned for residential use, but is not currently vacant. The majority of the building is occupied by the Brooklyn Brewery and two other major tenants, Inner Gaze Furniture Design and Mary Kuzma Design. The brewery’s lease runs through 2025, Crain’s said. [more]

A 40,000-square-foot site on Williamsburg’s Union Avenue, near North 9th Street, has sold to a New York developer who plans to start building a 92-unit rental building there late next year, Crain’s reported. Like many new residential projects these days, this one was originally supposed to be a condominium, until the market shifted in favor of rentals. The site, which allows for more than 112,000 square feet of residential development, went for $13.6 million in cash, according to Neil Dolgin of Kalmon Dolgin Affiliates, who brokered the deal with colleague Robert Klein. Dolgin would not identify the buyer or seller. [Crain's]

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Two separate sites in Greenpoint, Brooklyn have been sold for a total of $12.3 million, Crain’s reported. One sale was the former site of PS 59 at 535 Leonard Street for $2.3 million. The two-story, 13,500-square-foot property was purchased by condominium developer MDIM, who plans to convert it into an 18-unit condo building, with construction slated to begin in the fall. Joseph Nichols of Kalmon Dolgin Affiliates represented the buyer as well as the seller, Polish Legion of American Veterans. The second sale, also arranged by Dolgin, was of an 114,000-square-foot development site at 365 Kingsland Avenue, which was sold by Broadway Stages to Kingsland 359 LLC for $10 million. The new owners plan to continue to use the site as an industrial storage facility. [Crain's]

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Two separate sites in Greenpoint, Brooklyn have been sold for a total of $12.3 million, Crain’s reported. One sale was the former site of PS 59 at 535 Leonard Street for $2.3 million. The two-story, 13,500-square-foot property was purchased by condominium developer MDIM, who plans to convert it into an 18-unit condo building, with construction slated to begin in the fall. Joseph Nichols of Kalmon Dolgin Affiliates represented the buyer as well as the seller, Polish Legion of American Veterans. The second sale, also arranged by Dolgin, was of an 114,000-square-foot development site at 365 Kingsland Avenue, which was sold by Broadway Stages to Kingsland 359 LLC for $10 million. The new owners plan to continue to use the site as an industrial storage facility. [Crain's]

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On Manhattan’s East Side, Fannie Mae has granted its official approval
to 211 East 51st Street, HJ Development’s 14-story luxury condo
conversion. Also, Believe High Schools Network, a charter school organization, is
expanding and relocating to 33 Nassau Avenue in the Greenpoint area of
Brooklyn. Meanwhile, at the annual meeting of the American Economic
Association yesterday, Federal Reserve Chairman Ben Bernanke suggested
a comprehensive review of past monetary policy in order to avoid
future housing bubbles. Click here for more. TRD [more]

According to new figures from the city’s Department of Buildings, Williamsburg has 18 stalled construction sites, more than any other neighborhood in the city. On this week’s Webcast, The Real Deal’s Jen Benepe checked out some of those sites and found others that weren’t on the list. Developer Kalmon Dolgin Affiliates, whose company had begun construction and did the foundation work on a planned six-story rental at 510 Driggs Avenue, is now instead building a parking lot. “We thought it was best to fold the project ahead of what we foresaw to be economic turmoil,” he told The Real Deal. David Maundrell, president of Aptsandlofts.com, said if a fully finished building is next to a vacant lot it is undoubtedly “affected negatively.” To watch the full Webcast click on the video above. Comments