East Williamsburg owner repackages listing to reap $5M more
The Robles family, owner of two parcels of land in East Williamsburg, has repackaged an offering to sell them in hopes of snagging a bigger windfall.
The corner parcel at 120 Union Avenue, listed in September for $18 million, as The Real Deal reported, is now doubled up with neighboring 100 Union Avenue for $23 million. The former is zoned for up to 70,000 square feet of residential development, but Ofer Cohen, the TerraCRG broker marketing the land, said that more than 90,000 square feet could be built if the buyer picks up both parcels and builds affordable housing on the site.
“Just selling 120 Union Avenue alone left buyers with the challenge of finding another site nearby to build the affordable units just to get the zoning bonus,” Cohen told Crain’s, referring to bonuses the city awards to developers who designate at least 20 percent of a residential development as affordable units.
At 100 Union Avenue, a residential building up to 40,000 square feet can be constructed, provided 30,000 square feet of it are affordable. The developments, Cohen told Crain’s, will likely be rentals.
The site is also a rarity in that it qualifies for 421-a tax abatements, from which much of the surrounding area is excluded. [Crain’s] — Julie Strickland