Urban Realty Partners recently snapped up a development site in Vinegar Hill, Brooklyn, for almost $50 million.
The developer through an LLC purchased 218 Front Street from Emily M. Wang for $48.5 million, according to PincusCo. The transaction in the Vinegar Hill neighborhood closed towards the end of October.
The property is slightly less than 42,000 square feet, but has room to grow with an additional 105,000 square feet of air rights. Combined, the total buildable space of the site is more than 147,000 square feet, PincusCo reports. The sales price works out to $1,158 per built square foot and $328 per buildable square foot.
PincusCo reports there has been one NYC Department of Buildings permit application filed for the parcel in the past five years. That filing valued the parcel at more than $20,000.
The property is less than 300 feet away from 68 Gold Street, another development site. An LLC tied to CW Realty paid more than $20.2 million to Paul Tocci’s 251 Front Street Realty Inc. for the site. The 20,000-square-foot property has been controversial since a church was demolished in 1992 to make way for condos.
CW Realty is planning to build a five-story, 59-unit luxury complex at the site, The Real Deal reports.
While the nearby Brooklyn Navy Yard has a number of different developments, its most prominent may be Dock 72, an office building developed by Rudin Management and Boston Properties in cooperation with WeWork. The 16-story, 675,000-square-foot building opened in October 2019, the borough’s first ground-up office building in a decade.
Last month, the building scored its second tenant in online cooking and home website Food52. About a third of the building is leased to WeWork, while Vice was reportedly considering in recent months moving its headquarters to the building.
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[PincusCo] — Holden Walter-Warner