Pfizer-owned development site trades for $12.75M

South Williamsburg site could support as many as 840 apartments

TRD New York /
Sep.September 11, 2012 12:30 PM

Pharmaceutical giant Pfizer has sold off the last of its big holdings in Williamsburg — a vacant development site on Wallabout Street — for $12.75 million, according to public records filed yesterday with the city.

The land, which comprises two sites on four acres on Wallabout Street and Harrison Avenue, traded to an LLC named Harrison Realty and will likely be developed to include both residential and commercial uses, said Steven Barshov, a principal at the law firm of Sive, Paget & Riesel, who represented the buyer in the deal. Cushman & Wakefield marketed the property on behalf of the drug company.

“This is one of the largest parcels in that area that is vacant,” Barshov said. The property has been vacant since Pfizer closed a plant there in 2008.

Barshov said the deal for the property had been simple. “Pfizer historically put their properties on the market with a just description and a contract of sale drafted by their counsel. It’s not really very negotiable.”

The investment group, which lists its address as the headquarters of Rabsky Management in Flushing, beat out a community coalition that had sought to buy the property last year. The coalition reportedly offered $10 million to buy the property, on which it hoped to build affordable apartments. A spokesperson for Rabsky was not immediately available.

No plans for the property have been officially decided, Barshov said, though a zoning change will likely be needed in order to build on the land, which is currently zoned for industrial use. Meanwhile, the seller needed to “catch their breath” after shelling out the “millions of dollars” required to buy the building, he said. According to previous reports, the site could support as many as 840 apartments.

A Pfizer spokesperson was not immediately available for comment.

As The Real Deal previously reported, the thirst for Brooklyn land is at an all time high. The sale of a nearby stalled site at 242 Bedford Avenue, where a Whole Foods will soon be opening, recently traded for $21 million, or around $222 per buildable square foot.


Related Articles

arrow_forward_ios
25 Kent Avenue and Amazon CEO Jeff Bezos (25 Kent; Getty)

Amazon Music is coming to Brooklyn’s office market

Amazon Music is coming to Brooklyn’s office market
From left: 21 Montrose Avenue in Williamsburg, 1480 Amsterdam Avenue and 520 West 136 Street in West Harlem and 208-212 West 141st Street in North Harlem (Google Maps)

Week’s mid-market sales run gamut from $80 to $500 psf

Week’s mid-market sales run gamut from $80 to $500 psf
126 Hancock Street and 85 North 3rd Street (Google Maps, Corcoran)

Bed-Stuy townhouse tops Brooklyn luxury contracts

Bed-Stuy townhouse tops Brooklyn luxury contracts
111 Kent Avenue and Stanley Iezman (Credit: Google Maps)

American Realty Advisors eats $10.7M on Williamsburg sale

American Realty Advisors eats $10.7M on Williamsburg sale
470 Kent Avenue and Naftali Group’s Miki Naftali (Credit: Google Maps, Gonzalo Marroquin/Patrick McMullan via Getty Images)

Naftali closes on large Williamsburg development site for $100M

Naftali closes on large Williamsburg development site for $100M
84 Putnam Ave and 308 N 7th Street in Brooklyn (Google Maps; 308n7)

Brooklyn luxury home sales remain 80% below last year

Brooklyn luxury home sales remain 80% below last year
46 Cook Street in Brooklyn (Credit: Google Maps)

Williamsburg biz takes 53% more space to meet demand

Williamsburg biz takes 53% more space to meet demand
Prince Realty Advisors founder David E. Ash and 123 Hope Street (Credit: Google Maps)

HUBBNYC buys Williamsburg mixed-use building for $84M

HUBBNYC buys Williamsburg mixed-use building for $84M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...