The Real Deal New York

Vacant lots trade in W’burg — residential development to come?

January 14, 2013 12:30PM

Two vacant, adjacent lots traded hands in Williamsburg for $2.3 million in cash, Brownstoner reported. The lots, which were previously used for parking, are located at 307-311 Union Avenue between South 1st and South 2nd streets. The sale has not yet hit city public records. The plot offers roughly 15,000 buildable square feet, and according to Massey Knakal, which brokered the transaction, the sale price translates to $150 per buildable square foot.

Brownstoner suspects that the next chapter in this lot’s life includes the development of a residential property, which wouldn’t be anomalous for the area, which is a stone’s throw from the soon-to-be redeveloped Domino Sugar factory.

Overall, Williamsburg residential prices have shot up 174 percent between 2004 and 2012, as previously reported. [Brownstoner]Zachary Kussin