Williamsburg development site sells for twice what it last traded for

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.

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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]