Borough Park site hits the market for $33M

July 17, 2012 04:00PM

A huge development site in the Borough Park area of Brooklyn has hit the market with a whopping asking price of $33 million, Crain’s reported. The plot, at 886 Dahill Road, last traded at $18.5 million at the peak of the market, making the asking price of nearly twice that amount all the more impressive.

Wydra Enterprise, the entity selling the site, received approval to build a 171-unit residential development with a 228-car parking structure on the land, but decided to exit the asset now rather than build it, according to broker David Schechtman.

Schechtman, who is selling the land with Eastern Consolidated colleague Alan Miller, said the site should fetch high prices due to a lack of available housing in the area. [Crain’s] — Guelda Voien