The Real Deal New York

Princeton Holdings to pick up Rheingold-adjacent site for $34M

Developer could pursue rezoning to build residential units on warehouse spot
June 09, 2014 03:30PM

Princeton Holdings is in negotiations to purchase a site next to the former Rheingold Beer brewery for $34 million.

The warehouse at 95 Evergreen Avenue is currently zoned for manufacturing use, though Princeton could apply for a variance allowing residential development. Read Property, who owns the Rheingold site, secured a similar rezoning that paved the way for a planned 977 apartment units.

Such a change requires City Council approval, which Read secured by agreeing to set aside 30 percent of the planned units as affordable.

Princeton Holdings declined to comment to Crain’s on the deal. [Crain’s]Julie Strickland