The Real Deal New York

Williamsburg development site sells for twice what it last traded for

January 31, 2012 06:00PM

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.

The site was not on the market, but the buyer, whose identity was not disclosed by Crain’s, approached Bedford Parkview anyway, brokers said. [Crain’s]