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East Williamsburg corner lot hits market for $18M
Property is one of rare sites eligible for 421A tax abatement
A block-through development site in East Williamsburg is hitting the market with an $18 million price tag, according to commercial brokerage Terra CRG.
The 26,000-square-foot lot, at 120 Union Avenue, could support a residential development of up to 101,282 square feet. While much of the surrounding area is excluded from the city’s 421-a tax abatement program, the Union Avenue site falls outside the borders, meaning a developer could take advantage of a break on property taxes for building in this less developed neighborhood.
The site, at the corner of Middleton Street, is being marketed by Terra CRG’s Ofer Cohen, Melissa DiBella, Dan Marks, Peter Matheos and Michael Hernendez.
The seller of the property, Robles Realty, has owned it since 1998, public records show. Robles had been using an existing 18,000-square-foot building on the lot for its collision repairs business, which will be relocating, DiBella said.
The 101,282 square feet include an inclusionary housing bonus and 7,620 square feet of air rights from an adjoining property, according to TerraCRG.
Elsewhere in the neighborhood, several developers are building mid-sized residential towers. A six-story apartment building is planned to rise at Nearby 42 Maspeth Avenue, for instance. While it was not clear if that building will be condos or rentals, it’s slated to be marketed by Aptsandlofts.com.
Robles could not immediately be reached for comment.