Developer Astral Weeks is getting ready to sell a recently rezoned vacant lot at 95-97 Grattan Street, deep in the East Williamsburg-Bushwick manufacturing zone. TerraCRG, which is marketing the property, sent along this rendering showing two residential buildings that could rise on the site.
The 5,000-square-foot plot comes with plans for two four-story, seven-unit apartment buildings. Those 14 apartments would be spread across 9,577 square feet, for fairly small rentals measuring 684 square feet each. The Chelsea and Great Neck-based firm has already secured approval from the Board of Standards and Appeals to develop residential on the lot, which had only been zoned for industrial uses.
Astral Weeks wants $2,700,000, or about $280 per buildable square foot. That price sounds ambitious, but similar sites in East Williamsburg—outside of the M-1 zone, of course—have sold for comparable prices in the last year. For example, a 5,000-square-foot site at 243 Manhattan Avenue sold in September for just over $300 a buildable square foot. And on the lower end, a 2,500-square-foot, mixed-use plot at 764 Metropolitan Avenue hit the public records last summer for $220 per buildable square foot.
The two Grattan Street properties last changed hands for $500,000 in October 2012.
Rents in the area have skyrocketed, but the amenities haven’t quite caught up on the industrially zoned blocks. Still, 95 Grattan is located only a few blocks east of the Morgan Avenue L stop and its growing retail strip, and plenty of bars and restaurants have arrived seven or eight blocks east around the Jefferson L stop.
Even though the block is zoned M-1, it’s lined with several three-story, 1920s walkups, constructed before the 1961 zoning code halted residential construction in the area.