Owner of Williamsburg’s Burnt Out CitiStorage Warehouse Thinks It Could Sell for $500 Million
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.
