Adam America Real Estate paid $23 million for a development site at 781 Metropolitan Avenue in East Williamsburg, according to property records filed with the city today. It plans to build 81-unit residential building at the site.
The site was home to the hamburger chain White Castle, but Adam America filed permits to raze the single-story building in October.
Although White Castle never owned the property, the building’s owner sold the site for $6.7 million in 2013 to a business named 781 Metro Investors, who managed to flip the property for $23 million a year later.
Adam America entered into contract to purchase the site Aug. 7 and closed on the deal Dec. 11, according to property records.