A Brooklyn development team that went through the slog of the city’s ULURP process and came out the other end is listing its shovel-ready, 171-unit Borough Park development site for $38 million. But some red tape still trails behind.
Brothers Edward and Martin Wydra are looking for a buyer for their site at 886 Dahill Road in Borough Park, which comes with plans pre-approved by the city and a design drawn up by architect Karl Fischer for a 314,000 square-foot, mixed-use building.
“You could be in the ground immediately,” said Sean Kelly, who along with a team of colleagues at CPEX Real Estate is marketing the site for $38 million.
The Wydra brothers, who were behind the Gretsch Building condo conversion in Williamsburg, bought the 1.5-acre site on the far side of Prospect Park for $25.3 million in 2007, property records show. This is the second time the brothers are listing the property, having previously put it on the market two years ago asking $33 million.
The site was originally zoned for manufacturing use, and the Wydras soon embarked on the bumpy, months-long rezoning procedure known as the City Uniform Land Use Review Process. Ultimately, the city put certain restrictions on the project.
The original proposal called for a 12-story building with more than 70,000 square feet of retail. Through coordination with Brooklyn officials and local civic groups, however, the Wydras agreed to scale the project back dramatically. The revised plan called for 10 stories with 3,328 square feet of retail.
The owners also agreed to accept a restrictive declaration on the property that requires any prospective buyer to conform to a particular distribution for the building’s units. The Wydras said they would appoint 36 percent of the units four-bedrooms, 23 percent three-bedrooms, 21 percent two-bedrooms, 12 percent five-bedrooms and 8 percent one-bedrooms. There is some leeway for an owner to alter any array by up to 14 percent.
The agreement also sets minimum sizes for the units, ranging from 700 square feet for a one bedroom to 1,900 square feet for a five-bedroom apartment.
The Wydra’s property sits next to a shopping center owned by developer Abe Lesser, who is planning to build a 128-unit apartment building nearby.