The Real Deal New York

Entrepreneur hopes to cash out at W’burg megasite, but question marks remain

Norman Brodsky believes 11-acre site at North 11th Street is worth $500M
April 13, 2015 09:00AM

The owner of a massive Williamsburg development site hopes to fetch $500 million for the 11-acre parcel.

The property is located on the East River at North 11th Street, Crain’s reported. While locals were promised a park about 10 years ago, developers have increasingly expressed interest to build something new at the site. 

Landlord Norman Brodsky hopes to sell the site for $500 million, more than twice as much as the Bloomberg administration initially planned to spend on the park. The site is zoned for 600,000 square feet of commercial space.

“It’s one of the best development sites in the entire city and definitely the best in Brooklyn,” one major landlord who scoped out the property told Crain’s. “But there are too many unknowns right now for anyone to actually buy it.”

Brodsky now hopes that he can divide the parcel between park space and residential development and to sell the site to a private developer, rather than the city.

The location is also the last part needed to complete Bushwick Inlet Park, a swath of green space along the Williamsburg-Greenpoint waterfront.

The owner, 72, bought the property in the early 1990s for roughly $5 million. A seven-alarm fire destroyed one of two records-storage warehouses on the property known as CitiStorage in January. [Crain’s] — Claire Moses