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Midtown Equities, East End secure option to buy 11-acre W’burg parcel
Norman Brodsky said he was seeking $500M
Midtown Equities and East End Capital have teamed to secure an option on the 11-acre CitiStorage parcel on the Williamsburg waterfront.
The two sides have reportedly signed a contract to acquire the site from owner Norman Brodsky. While financial terms have not been disclosed, Brodsky said recently that he hoped to fetch $500 million for one of the most closely watched development sites in Brooklyn.
CitiStorage is zoned for around 600,000 square feet of commercial space including manufacturing, retail and offices, according to Crain’s.
Though CitiStorage has attracted some of the city’s largest developers, many have backed away from sizable hurdles associated with the project. Mayor Bill de Blasio’s administration reportedly favors plans in which private developers cover the cost of acquiring the site and convert part of it into parkland in exchange for the right to build residential towers.
A large fire engulfed a warehouse at the CitiStorage site earlier this year. [Crain’s] –Rey Mashayekhi