Earlier this year, the city paid $53 million to acquire the property at 1 North 12th Street, located between North 12th and 14th streets along Kent Avenue on the border of Greenpoint and Williamsburg, with plans to convert the site into public park space. The city has now agreed to pay $160 million for the 11-acre CitiStorage site, located between North 10th and 12th streets at 5 North 11th Street, Crain’s reported.
5 North 11th Street
Crain’s Business reports that Norman Brodsky is expecting to sell the burned-down warehouse located on Williamsburg’s northern waterfront, at 5 North 11th Street, to a pair of developers. Midtown Equities and East End Capital have reportedly signed a contract to purchase the site, but the exact price has yet to be revealed. The property is currently zoned for commercial and manufacturing use; 600,000 buildable square feet is available as-of-right.
The site of a recent large-scale fire on Williamsburg’s northern waterfront — the burned-down warehouse located at 5 North 11th Street — may be on the path for redevelopment, or so the property’s owner hopes. Crain’s Business reports the property — likely valued at $500 million — boasts roughly 600,000 square feet of commercial air rights, and could be rezoned for residential if approved by city council, however earlier prospects to designate the land as park space may foil any redevelopment prospects.