Developers are moving to transform a lowly Fort Greene lot. Just as their first Brooklyn building begins to rise at 250 Ashland Place, the father-son duo running Gotham Organization snapped up a coveted parking lot a mere two blocks away. For $5,500,000.
Located at 130 St Felix Street, the lot is steps from Atlantic Terminal, wedged between a BAM theater and the iconic Williamsburgh Savings Bank Tower. Naturally, we’re predicting condos.
The seller was the sponsor of the condo building next door at 1 Hanson Place, Canyon Johnson Urban Funds. The sponsor and the condo association of 1 Hanson Place negotiated an easement on the lot, used for parking, more than a year ago, according to public records.
A building with 75,114 square feet is permitted, according to PropertyShark. However, there may be trouble in developer paradise. (more…)